Fortescue says would welcome Chinese participation

May 29, 2008

May 29 (Reuters) – Australian iron ore miner Fortescue Metals Group Ltd (FMG.AX: Quote, Profile, Research) would welcome major Chinese companies’ participation in the company through joint ventures, share deals and financing, the company’s founder said on Thursday.

Fortescue founder Andrew Forrest made the remarks after an event to mark the first shipment of Fortescue iron ore to Baosteel Group, China’s largest steelmaker and parent of Baoshan Iron & Steel Co Ltd (600019.SS: Quote, Profile, Research).


“The Chinese industrial champion takes Fortescue very seriously and we will encourage its participation in the future of Fortescue,” Forrest said.


“We have been in talks with the champions of Chinese industry for five years. We encourage Chinese industrial champions to participate in the future of Fortescue through joint ventures, shares, financing,” he said.


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