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.

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.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook