Iron ore miner Fortescue posts record annual profit, dividend

A bucket wheel reclaimer collects iron ore from a stockpile at Fortescue Metals Group Ltd.'s Herb Elliott port facility in Port Hedland, Australia. - Reuters

MELBOURNE: Fortescue Metals Group Ltd reported its highest ever annual profit and dividend on Monday, after the Australian iron ore miner shipped a record amount of the steelmaking material to take advantage of soaring prices.

Fortescue follows rivals BHP Group and Rio Tinto in reporting record profits and paying bumper dividends after a strong year for prices on the back of resilient demand from China, the top consumer, and supply issues in Brazil.