Formosa invests big in Fortescue

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.