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Fortescue Metals Group and China working co-operatively

Fortescue Metals Group and China working co-operatively

Fortescue Metals Group (ASX: FMG) has indicated the condition subsequent relating to the completion of finance from Baosteel Group and China Iron & Steel Association  by 30 September, 2009 will not be met.

The company was looking to raise as much as $6 billion in funding.

"Fortescue intends to continue co-operatively with CISA", the company said in a statement. 

Fortescue plans to expand iron ore capacity to 95 million metric tons by 2012, almost double current capacity of about 45 million metric tons.  Analysts believe this could cost as much as A$4 billion to achieve.

Fortescue shares were trading down almost 3% to $3.79, after falling as low as $3.71 on the news.

 

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