Fortescue to raise funds for Pilbara expansion project

Australian iron ore miner Fortescue has announced that it will raise US$1 billion through a bond offering to fund the expansion project for its Pilbara iron ore operations in Western Australia.
 
The expansion project aims to increase the annual production capacity of Fortescue's Pilbara operations to 155 million mt of iron ore by mid-2013. Fortescue plans to use the funds gained from the bond sale to also finance the purchase of a mining fleet.