CM – Fund Managers: Why Fortescue’s Share Price Could Reach $ 50

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A fund manager believes the share price of Fortescue Metals Group Limited (ASX: FMG) could reach $ 50.

As one of the largest iron ore mining companies in the world, Fortescue’s fate depends largely on the development of the iron ore price . It shot to over $ 200 a ton six months ago, but has declined significantly since then. However, a fund manager believes there could be a situation where Fortescue shares could hit $ 50.

According to a report by the Australian Financial Review, Tribeca Investment Partners Global Natural Resources Fund manager Ben Cleary believes 2022 could be a good year for iron ore miners including Fortescue, BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO).

« I think iron continues to rebound to $ 150 each in the first quarter Ton or more, which is well above current consensus expectations of $ 100 per ton. China’s credit impetus is starting to widen after mostly shrinking in 2021, and infrastructure demand for iron ore should be particularly strong.  » Could be like that again in 2022.

However, it has also been determined that there could be greater supply from both Australia and Brazil in 2022, with Chinese demand may not grow to meet that supply. Environmental impacts could be a limiting factor in Chinese demand, according to AFR reports.

Fortescue’s push into green activities like green hydrogen and green ammonia could be the key to a significantly higher Fortescue share price.

Fortescue Future Industries ( FFI) is the business that is expanding into renewable energy and green products with a vision to make green hydrogen the world’s most traded commodity at sea.

Mr. Cleary said, “Fortescue is pure iron ore exposure and provides the additional Benefit of a green hydrogen calling option currently available for free.

« Fortescue is way ahead of the competition when it comes to hydrogen and ammonia production, and this could be worth $ 50 or more per share if carried out « 

I think Fortescue has a bright future ahead of it. The world will spend enormous sums on decarbonization and will have sustained energy needs for decades to come, even after the world (hopefully) hits net zero. That is an important reason why I am a Fortescue shareholder.

However, Fortescue will continue to be strongly influenced by the medium-term development of the iron ore price.

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