Fortescue Puts $15bn Expansion On Hold

Fortescue Metals Group (ASX: FMG), an Australian iron ore mining company has announced that it has delayed its plan for expansion in the Pilbara region worth $15-billion due to super profits tax (SPT).

Fortescue CEO Andrew Forrest is quoted saying:

“I am a very experienced project financier, and my team is the best project finance people in the country, but we cannot find a way to maintain our Australian equity in these projects and still develop them under this new, highly theoretical tax.”

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