Macquarie, Goldman Sachs, Citi and BMI on the numbers
The headlines tell one story, but once the dust has settled, what are miners saying about the current downturn in iron ore prices and sentiment?This week, BMI, a Fitch Solutions company, followed other analysts and revised its 2024 iron ore price forecast from an annual average of $120/t to $110/t.
Fortescue results For Fortescue, analysts were similarly gloomy.BMI analysts placed an 'underperform' status on Fortescue, saying that the strong Australian iron ore business was "offset by the still sizable green capex needs for projects that are well outside of its core competency, even after management tempered its green hydrogen growth ambitions."The company said it would double down on its new ‘green metal' strategy, in its full-year results for fiscal 2024.
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