Andrew Forrest. Picture: Nic Ellis/The West Australian.
Andrew Forrest. Picture: Nic Ellis/The West Australian.

UPDATE 2.40pm: Mining billionaire Andrew Forrest has again waded in to buy nearly $7 million worth of Fortescue Metals Group stock, taking advantage of the company's recent weak share price.

A change of director's interest notice lodged with the ASX today showed entities associated with Mr Forrest bought 1.75 million FMG shares for an average price of $3.97 on Monday and Tuesday in an on-market purchase.

FMG is down from a 52-week high of $6.22 reached in February this year as its share price tracked the falling price of iron ore in recent weeks.

Mr Forrest, who owns a 33 per cent stake in the Pilbara miner he founded in 2003, has been a perennial optimist on the China growth story and the country's continuing demand for iron ore.

He regularly adds to his holding in FMG, picking up stock on the market when the company's price takes a tumble.

FMG bounced off a six-month low of $3.91 on Tuesday to be trading up 20 cents, or 4.98 per cent, at $4.22 at the close, meaning Mr Forrest is already up about $400,000 on his purchase earlier this week.

The iron ore spot price was trading at $US90.30 a tonne yesterday.

The West Australian

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