Fortescue shareholders will be smiling today

Paul Kane/Getty Images

After a tough couple of weeks Andrew “Twiggy” Forest, along with Fortescue Metals Group (FMG) shareholders, will be smiling this morning.

Shares in the company have leapt out of the gates on Tuesday, climbing 13% to $2.45 on the back of reports Chinese-linked companies have applied to the Foreign Investment Review Board seeking permission for an investment involving FMG.

With today’s gain, shares in Fortescue are now 37.6% higher than its 2015 closing low of $1.78 struck on April 13.

Still, putting the recent share price gain into perspective, over the past year — even with today’s surge — shares in the company have fallen by 46.3%.

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