Fortescue Metals Group has secured 12 new agreements with Chinese steel mills, procurement partners and financial institutions during the China International Import Expo 2020.
The 12 memoranda of understanding (MoU) are valued at around $US3-4 billion ($4.1-$5.5 billion).
Fortescue signed an MoU for supply and procurement of its iron ore with long-term partner and major shareholder Hunan Valin Iron & Steel Group Co.
For strategic cooperation, it also signed an MoU with the Bank of China in Sydney.
According to Fortescue chief executive Elizabeth Gaines, the company’s economic success in Australia is attributed to China.
“Since the company’s inception, Fortescue has built enduring relationships with our stakeholders in China. Our engagement extends beyond iron ore supply to longstanding customer relations, procurement and financing arrangements as well as academic, policy and social linkages,” Gaines said.
“Fortescue’s success and that of the Australian economy has been built on the great powerhouse that is China. Now, more than ever, these strong trade relationships provide economic stability as we work together to build new opportunities for the future.”