For­mosa in­vests $1.15b in Fortes­cue-baos­teel JV

China Daily (Hong Kong) - - BUSINESS -

For­mosa Plas­tics Group will in­vest $1.15 bil­lion in the Iron Bridge pro­ject by Fortes­cue Met­als Group. The pro­ject is a joint ven­ture be­tween Aus­tralian iron ore pro­ducer Fortes­cue, with 88 per­cent of the shares, and a sub­sidiary of Shang­hai Baos­teel Group Corp with 12 per­cent of the shares. Un­der the agree­ment, For­mosa, through sub­sidiary For­mosa Steel, will ac­quire a 31-per­cent un­in­cor­po­rated joint ven­ture in­ter­est in FMG Iron Bridge Joint Ven­ture and fund the first $527 mil­lion of cap­i­tal ex­pen­di­ture on the pro­ject de­vel­op­ment. The MG Iron Bridge joint ven­ture owns the North Star and Glacier Val­ley iron ore de­posits in Western Aus­tralia, a com­bined iron ore re­source of 5.2 bil­lion tons.

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