As FY2019 was FML’s maiden year of commercial production, profitability margins were partly crimped by initial ramp-up costs and gestation. Its mining concession is located in Bukit Besi, Terangganu, Malaysia, with 7.18 million tons of reserves and 13 years of concession life.
PhillipCapital’s Vivian Ye has initiated coverage on iron ore producer Fortress Minerals (FML) with a “buy” rating and target price of 28 cents.
The company is an iron ore concentrate producer in Malaysia and the company explores, mines, produces and sells magnetite iron-ore concentrate, primarily to steel mills in Malaysia and China.
