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.