Investor fund manager Harbinger Capital Partners has sold its remaining shares in Fortescue Metals
(ASX:FMG), amid speculation the original resource tax cast lingering doubt on investment stability in Australia.
According to The Financial Review, Harbinger has sold over $100 million Fortescue shares since the original resource tax was announced in May.
Fortescue CEO Andrew Forrest describes the pull-out from one of his earliest and loyal shareholders as enormously regretful.
Mr. Forrest says the decision will hurt job prospects and must be cleared up as soon as possible as the company is hurting.
The Financial Review reports that New York-based Harbinger has also reduced its stake in iron ore miner Murchinson Metals (ASX:MMX) from 13.7% to 12.6% since late May.
Fortescue Metals reported a profit of $626.13 million for the 2009 financial year.
