Branching away from Chinese investors, Fortescue Metals has teamed with Taiwanese Formosa Plastics in a $US1.51 billion deal.
The AFR reports the joint business venture will see the development of the Iron Bridge magnetite project in Western Australia, in which Formosa will fork out the first $US527 million of development capital.
“We see this as continuing to strengthen the ties we have with that part of the world and continuing to develop our customer base in the developing economies of Asia,” Fortescue’s Chairman Andrew Forrest told The Fin.
Along with other business agreements the partnership will assist each company as the investment reduces Fortescue’s debt, while Formosa is supplied with materials for another development in Vietnam.
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