Australia's Fortescue joins Rio, BHP in iron ore boom

0 Comments | AFP, June, 2008

PERTH, Australia (AFP) — Australia's economy was once described as "riding on the sheep's back" but the fortune created by iron ore miner Fortescue Metals Group shows it is now booming as Asia's quarry.

Fortescue holds a massive 40,000 square kilometres (15,444 square miles) of Western Australia's resource-laden Pilbara -- an area larger than Taiwan -- and its roaring share price has made founder Andrew "Twiggy" Forrest the country's richest citizen.

Forrest has steered the company through a 2.5 billion dollar (2.38 billion US) investment programme to build its mine, lay its railway and ship its first exports, all in less than four years.

The former stockbroker's stake in Fortescue is now worth 12.2 billion dollars and rising, eclipsing his nearest rivals on...