Price target: PhillipCapital “buy” 28 cents Healthy volume growth with recovery of construction industry PhillipCapital’s Vivian Ye has initiated coverage on Malaysian iron ore producer Fortress Minerals with a “buy” rating and target price of 28 cents. Its mining concession is located in Bukit Besi, Terangganu, Malaysia, with 7.18 million tons of reserves and 13 years of concession life. As FY2019 was Fortress Minerals’ maiden year of commercial production, profitability margins were partly crimped by initial ramp-up costs and gestation, notes Ye.