Iron ore shipments from Australia’s Port Hedland expanded to a record in May as mining companies boosted output, helping to push benchmark prices to the lowest level since 2012 and contributing to a rising global surplus.
Iron ore capped a sixth monthly drop in the longest losing run on record as rising supplies from Australia and Brazil spur a global glut. Fortescue Metals Group Ltd. said there could be further losses, with a risk prices may retreat to the lowest level since 2009.
Andrew Forrest, Australia’s richest man who made his fortune digging up iron ore, is fighting bids to exploit the mineral wealth under his own half-a-million acre family ranch in the nation’s remote northwest outback.
Microsoft Corp. founder Bill Gates, who has gifted $28 billion to his charitable foundation, gave some simple advice to Australia’s richest man Andrew Forrest on his crusade to end modern slavery: find a metric to quantify it.