Formosa To Sink $1.15B Into Aussie Iron Ore Project

Law360, New York (August 16, 2013, 2:52 PM EDT) -- Formosa Plastics Group, Taiwan’s largest private company, said Friday it will pay $1.15 billion for a stake in an iron ore project being developed by Fortescue Metals Group Ltd., signaling revived investor interest in Australian iron ore projects squeezed by falling commodity prices.

Under the joint venture agreement, Formosa will take a 31 percent stake in the FMG Iron Bridge Project, situated along the Pilbara iron ore belt in western Australia that has access to a pair of deposits with combined stores of 5.7 billion tons....
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