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Fortescue share price jumps as iron ore price soars
$Fortescue Ltd (FMG.AU)$
Fortescue generates its profit by mining and selling iron ore. An increase in the iron ore price can be a boost to Fortescue’s net profit after tax (NPAT).
In overnight markets, the spot iron ore price increased by 7.3% to US$145.45 per tonne. In dollar terms, it was an increase of US$9.90 per tonne.
The iron ore price has continued to be volatile amid the Russian invasion of Ukraine and China locking down certain areas of the country to try to control the spread of COVID-19.
Fortescue generates its profit by mining and selling iron ore. An increase in the iron ore price can be a boost to Fortescue’s net profit after tax (NPAT).
In overnight markets, the spot iron ore price increased by 7.3% to US$145.45 per tonne. In dollar terms, it was an increase of US$9.90 per tonne.
The iron ore price has continued to be volatile amid the Russian invasion of Ukraine and China locking down certain areas of the country to try to control the spread of COVID-19.
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