Fortescue raises another $50 million for Pilbara

Fortescue raises another $50 million for Pilbara

Fortescue Metals announced that the company had raised an additional $50 million to be used for the Pilbara Iron Ore and Infrastructure Project. The company raised the additional $50 million by issuing convertible notes with a base price of A$6 ($4.7) per share. Harbert Management Corporation bought most of the notes. With the addition from the sale, Fortescue has now raised nearly $160 million for the project. The company launched the Pilbara project with three Chinese Government-owned companies in 2004. The company also recently announced the discovery of 30 km iron ore vein. Fortescue hopes to see the project produce 45 million metric tons of iron ore annually by 2007.