CIC, Aussies in ore talks
Published: 11 Aug 2009 11:02:01 PSTFortescue Metals Group and China Investment Corp (CIC), China’s $200 billion sovereign wealth fund, are in advanced talks on a $1 billion-plus convertible bond investment to help the Australian iron ore miner fund its expansion, two sources said yesterday.
CIC’s top officials paid a low-profile visit to Australia in July and had closed-door meetings with Fortescue to discuss the potential funding, one of the sources said.
“Investment is investment,” said the source with knowledge of CIC’s overseas strategy. “Australia is still very important to China in terms of the bilateral trade relationship.”
Spokesmen for CIC and Fortescue declined to comment.
Agencies
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