Forrest forays
Mining billionaire Andrew Forrest is going out on a limb.
Good morning.
Fortescue founder Andrew Forrest has snapped up a 17% stake in tungsten miner EQ Resources from Oaktree Capital Management for $190 million.
The sale delivered Oaktree a tidy 144% return on an investment made before Beijing added tungsten products to an export-control list in February, sending prices for the metal up 500%. Forrest seems to think those trade tensions will stick around, while Oaktree is taking the profit.
The deal is also the first major investment made through Forrest’s Wonongarra entity, after previous transactions were directed through Tattarang, the investment group he shared with his former wife, Nicola Forrest.
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