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.
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.
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.