Formosa invests big in Fortescue
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Fortescue Metals Group (FMG) has secured a significant investment from Formosa Plastics Group to its FMG Iron Bridge joint venture, which will develop the FMG Iron Bridge project.
In a statement to the Australian Securities Exchange, Fortescue said Formosa, Taiwan's largest private company, would contribute $US1.15 billion ($A1.26 billion) to the joint venture.
FMG Iron Bridge is jointly owned by Fortescue and a subsidiary of China’s Shanghai Baosteel Group Corporation.
The joint venture owns the North Star and Glacier Valley iron ore deposits, south of Port Hedland in Western Australia.
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