At the other end of the spectrum, in terms of being a lower-grade iron ore producer, is the Andrew Forrest-founded miner Fortescue Metals Group (ASX: FMG). On Wednesday, it reported US$2.77 billion in NPAT for the first half of 2022, down around 32% on the same period last year. But Gerrard emphasises the profit figure is still Fortescue's third-highest interim result ever.