skc
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- 12 August 2008
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FMG seems to be hovering around 5.60. Weakness not helped by the high prospect that diesel rebates for miners will be going in the budget.
Probably more to do with what Jim Chanos said.
US Hedge fund manager and short seller Jim Chanos has singled out Fortescue Metals as an example of a ''value trap'' in the ''iron ore rush", according to a report by Fairfax Media.
http://www.businessspectator.com.au...ument&src=idp&emcontent_asx_financial-markets
Chanos was well known for his call on Enron.