Fortescue secures RMB14.2bn loan to revive green energy plans
Diverse Australian mining-come-energy company Fortescue has secured a RMB14.2bn (US$1.98bn) loan in order to get its decarbonisation agenda back on track.
The loan, the first RMB-syndicated term loan of its kind by an Australian corporate, was secured from leading Chinese, Australian and international lenders.
Fortescue is a core supplier of iron ore to China and generates RMB revenues through its iron ore sales.
Dr Andrew Forrest, Executive Chairman, said while the US steps back from investing “in what will be the world’s greatest industry”, China and Fortescue are advancing the green technology needed to lead the global green industrial revolution. “China continues to lead the world in industrial scale and innovation,” he said.
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