Andrew Forrest cleared by ACCC on iron ore cap call

Amanda SaundersResources Reporter

Updated Apr 30, 2015 – 5.06pm, first published at 4.49pm

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The competition watchdog has cleared Andrew Forrest over his offer last month to cap iron ore production at the company he chairs, Fortescue Metals Group, if his rivals did the same, to trigger a price recovery.

Rod Sims, chairman of the Australian Competition and Consumer Commission, said he was taken aback by the comments, and would investigate whether the Fortescue chairman was in breach of competition law. The chief concern was that the comments could have fallen foul of the country's cartel laws.