Is the Fortescue share price a buy for its 16% dividend yield?

The Fortescue Metals Group Limited (ASX: FMG) share price could be a consideration given how large of a potential dividend yield the ASX mining share is going to pay in FY22.

Fortescue is one of the world’s largest iron ore miners, alongside BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO). It has a few different mining hubs in Australia including Chichester, Solomon, and Western.

The relatively high dividend payout ratio of the business and relatively low price-to-earnings (p/e) ratio means that it normally has a large dividend yield.