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To look at the expanded capacity at Pilbara iron ore in Western Australia by the Fortescue Metals Group Limited to 200 million tons yearly in the initial plan of 45 million this is the strongest response in the costumers, particularly in China.
The project site is not due to produce till May next year and Fortescue looks at options to increase the 1 billion dollars in the global financial markets. The company had hope in becoming the 3rd major supplier of iron ore from Pilbara where Rio Tinto and BHP Billiton’s key iron ore is based.
The company had agreed in selling 20 million tons in a year to China’s largest steel maker, this adds to the sales with other steelmakers in China. The rating agency as told by Moody has put the company unit FMG Finance Pty Limited senior security rates on a review for a downgrade, with a move reflecting the factors related to debt assuming the groups expansion.
14:46
Posted on Jun-18-2007
