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Oct 15, 2021 We have a lower target price of S$0.51 for Fortress Minerals, down from S$0.81. We lower FY22e PATMI by 22%. Our production forecast is cut by 8.6% to 455,020 DMT. We also factor in weaker iron-ore prices, lowering ASPs by 14% to US$120/DMT. Iron ore prices have fallen about 50% from the peak at US$260/DMT. Spot prices are currently US$150/DMT.
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Nov 15, 2021 With iron ore demand and prices expected to rise ahead, Phillip Securities has maintained its buy rating for Fortress Minerals with a higher target price of 64 cents from 47 cents previously. The brokerage has forecast the iron ore mining companys production to increase 10% in
Mining. 2015 was a very challenging year, with the iron ore price falling nearly 40% and hitting the lowest level since spot pricing was introduced in 2008. Sales were $3.4 billion, down from $5.0 billion the previous year, while Ebitda was down 65.3% at $462 million.
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