China eyes off Fortescue

The recent wave of Chinese interest in Australian mining has continued, as Fortescue Metals has confirmed that it has met with China Investment Corp (CIC) over investment opportunities.

The recent wave of Chinese interest in Australian mining has continued, as Fortescue Metals has confirmed that it has met with China Investment Corp (CIC) over investment opportunities.

“Fortescue can confirm that there have been recent meetings and site visits with representatives of these companies to explore investment opportunities,” the company said.

Fortescue also confirmed discussions with Anglo American.

The confirmation came as a result of a price query issued to Fortescue by the Australian Securities Exchange following a sudden 12% increase in its share price.

Newspaper reports had also speculated that both CIC and Anglo were considering buying stakes in Fortescue.

The mining company also said it has secures financial advisers JP Morgan

Australia, Grant Samuel and Azure Capital to evaluate all current proposals and opportunities.

The conversations with potential investors are nothing new, Fortescue said.

“Fortescue does from time to time, hold discussions with entities on a range of matters including investment opportunities which are confidential in nature,” the company said.

“These discussions are preliminary and incomplete and do not warrant disclosure.”

Media speculation has for some time suggested that Fortescue was seeking a major Chinese, with previous conjecture focusing on Baosteel.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.