Fortescue secures another credit facility for capacity expansion

Australia-based miner Fortescue Metals Group has announced that it has secured a credit facility of US$490 million supported by European Export Credit Agencies (ECA). 
 
The company noted that the export credit facilities will provide additional funding for its 155 million mt per year expansion program and associated mining fleet. The facilities will be progressively drawn over the next 12 to 18 months, will have an average maturity of 10 years and will be amortized over the life of the facility.