Australian iron ore mining giant Fortescue Metals Group secured some US$4 billion in iron ore deals at the China International Import Expo (CIIE) in Shanghai as Australia’s most important export continues to withstand rising tensions with China amid proposed bans on a number of other Australian products.
It reaffirmed its deals with long-term partner and major shareholder Hunan Valin Iron & Steel Group in Changsha, Hunan province, for the supply of iron ore and its “strategic cooperation” relationship with the Bank of China, while also striking nine new agreements with future buyers including Baotou Iron & Steel, Benxi I&S Group International Economic & Trading and Lingyuan Iron and Steel.
