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FMG Launches High Yield Bond Offering For 155Mtpa Expansion
Australia's major iron ore supplier Fortescue Metals Group (FMG) announced on Mar 14 that the company and its relevant subsidiaries launched a high yield bond offering for US$1,000 million of Senior Unsecured Notes in relation to the 155Mtpa Expansion and the acquisition of mobile mining fleet to support the 155Mtpa Expansion.

FMG will build up a 355Mtpa iron ore production capacity on a middle-term base by establishing "Two Port, Three Hub (production base) Strategy" with regard to mining, processing and transportation (railway, shipment) of Western Australian iron ore in the future. Two ports are "Herb Elliott (Port Hedland)" and "Anketell Point" and three production hubs are, from the west, "Western", "Solomon" and "Chichester". The first stage in the middle-term plan contemplates 155Mtpa through Herb Elliott port in Port Hedland, of which 95Mtpa will originate from the Chichester (39Mtpa: Cloudbreak, 56Mtpa: Christmas Creek) and 60Mtpa from the Solomon (first stage).
last modified : Wed 21 Mar, 2012 [11:26]
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