Forrest calls analysts nervous nellies as mining giant lags rivals
Fortescue shares fell 34.4 per cent in 2026 while BHP and Rio rose, as Forrest blamed geopolitical tensions.
Fortescue's stock has crashed while its Pilbara rivals thrived: BHP is up 27.6 per cent and Rio Tinto up 1.7 per cent. At the annual meeting, Forrest blamed rising diesel costs from the US and Israel's war on Iran for eating into profits.
Forrest also blamed nervous analysts for overreacting to tense negotiations with China Mineral Resources Group, the Beijing-backed buyer of most WA iron ore. Fortescue remains stuck in talks while BHP and Rio recently agreed deals with CMRG.
Forrest urged investors to stay the course, saying the company still delivers strong long-term returns.
- 34.4 per cent
- Fortescue share fall 2026
- 27.6 per cent
- BHP share rise 2026
- 1.7 per cent
- Rio Tinto share rise 2026
Why it mattersThe share crash affects Australian investors and raises questions about Fortescue's standing and its negotiating approach.
AustraliaAustralian investors holding Fortescue shares have seen significant losses while rival mining stocks recovered, and Western Australia's largest mining company faces pressure to resolve China supply negotiations.
✓ Claims checked against the source. checked 3 h ago
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