Australia-based iron ore miner Fortescue has secured a 14.2 bln yuan (USD 1.97 bln) syndicated term loan in Chinese currency to fund its decarbonization initiatives and for general corporate purposes.
Executive Chairman Dr. Andrew Forrest said the financing comes as the U.S. scales back investment in green technology, noting that Fortescue recently halted its Arizona Green Hydrogen Project due to shifting U.S. policy priorities.
Fortescue aims to power its Australian iron ore operations with green energy and achieve real zero Scope 1 and 2 terrestrial emissions by 2030, committing over USD 6 bln to decarbonize its Pilbara sites. The company ships more than 190 mln tons of iron ore annually to China’s steel industry.
The loan will also support Fortescue’s partnerships with Chinese suppliers and technology firms as part of its broader sustainability strategy.
1 USD / 7.18 yuan
