Australia-based miner Fortescue Metals has announced that it has secured $1.50 billion funding for the expansion of its iron ore operations in Western Australia's Pilbara region.
The credit facility, maturing on December 31, 2013, comprises a term loan of $750 million and a revolving credit facility of $750 million to be used to fund capacity expansion to 155 million mt per year of iron ore.
Fortescue aims to reach the extended capacity of 155 million mt by mid-2013.