Formosa invests big in Fortescue

Miner wins $US1bn investment in WA project from Taiwan's largest private company.

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.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles