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Fortescue Metals Group delivers surprise dividend for investors and a $654 million cash avalanche for Andrew Forrest.

Fortescue’s Board has today declared a fully franked dividend of A$0.60 per share, bringing total dividends for FY19 to-date to A$0.90 per share inclusive of the A$0.19 per share interim and A$0.11 per share special dividends declared in February.

Fortescue Chief Executive Officer, Elizabeth Gaines said, “This dividend reflects Fortescue’s unwavering determination to deliver shareholder returns through dividends and investment in growth. The strength of our operating cashflows enables further accelerated distribution of franking credits to eligible shareholders, inclusive of the FY19 interim and special dividends totalling A$0.30 per share.

“The ability to deliver this increased return to our shareholders reflects the success of our integrated operations and marketing strategy, enhanced product mix as well as the strength of demand for iron ore.

More information at the Fortescue website:
https://www.fmgl.com.au/docs/default-...

https://www.fmgl.com.au/docs/default-...

Disclosure: The author is long (FMG:ASX), I am self educated and dedicated to giving my followers an independent point of view.