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Fortescue surprises with $US1.5b in new loans

Sunday, August 5, 2012

WN.com - Business News
Latest headlines from WN Network
Fortescue surprises with $US1.5b in new loans
Aug 6th 2012, 01:49

Fortescue Metals Group has surprised the market by raising more funds than it promised to less than three weeks ago, in what may be a precautionary move against slumping iron ore prices. The iron ore exporter reported today it had raised $US1.5 billion ($1.44 billion) in short-term loans to cover a recent cost blow out on its expansion project at Port Hedland. Fortescue shares are higher in early trade, rising 15.5 cents, or 3.7 per cent, to $4.335. When...
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