Fortescue in halt amidst project blowout

Fortescue has gone into a trading halt following announcement of a cost blowout.

Fortescue has gone into a trading halt following announcement of a cost blowout.

According to the Australian Financial Review, Fortescue is yet to inform investors of a $2.02 billion cost blowout at its iron ore projects, despite the fact it has already been revealed to bond holders in their provisional prospectus.

Fortescue announced on Monday that is planned to raise capital via a bond sale of $2.04 billion.

It will remain in a trading halt until Monday next week, or until an announcement is made.

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