It has also raised the company’s FY2022 average sales price for iron ore forecast to US$102 per dry metric tonne (DMT) from US$98 per DMT.
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 company’s production to increase 10% in FY2022.
