Fortescue Metals Group said it would pay out $8bn in dividends as the Australian miner posted record annual iron ore shipments and net profits after tax on the back of the economic rebound in China.
The bumper results on Monday followed those of rivals BHP and Rio Tinto, which have also reported record profits and flagged multibillion-dollar dividend payouts.
Fortescue shipped 182.2m tonnes of iron ore in the 2020-2021 fiscal year, boosted by demand from China’s economic recovery from the Covid-19 crisis and global supply chain snags.
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