Fortescue Borrows $1.5 Billion

SMH reported iron ore miner Fortescue (ASX:FMG) has borrowed an addition $1.5 billion to buffer against continuing global economy downfall.

As quoted in the market news:

The iron ore exporter announced yesterday it had borrowed $US1.5 billion to cover a blowout in the cost of its aggressive expansion plan.

That blowout was valued at about $US600 million when announced to the market three weeks ago, and at the time, Fortescue chief financial officer Steve Pearce said the company would borrow “up to $US1 billion” to cover the shortfall.

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