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Fortescue in joint venture with private Taiwan firm
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Australia’s Fortescue Metals Group, the world’s fourth-largest iron ore producer, said yesterday that it has signed a US$1.15 billion joint venture agreement with Formosa Plastics Group, the largest private company in Taiwan.
Formosa will invest US$1.15 billion in the FMG Iron Bridge Joint Venture, established to develop the FMG Iron Bridge Project in Western Australia’s Pilbara region. Under the deal, Formosa will acquire a 31 percent interest in FMG Iron Bridge Joint Venture and fund the first stage of its development.
Formosa is currently investing in the construction of a steel mill at Ha Tinh in Vietnam.
The Taiwan company will also help fund the second phase of the development and buy up to 3 million tons of iron ore a year to supply its steel mill in Vietnam, which is expected to start production in 2015.
Fortescue CEO Nev Power said the agreement represents a pivotal step in the development of the FMG Iron Bridge Project.
The deal is subject to Australian and Taiwan authorities’ approval.
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