<p>It would seem nothing can now stop Fortescue Metals Group becoming the third force in Australia’s iron ore scene after a $2.7bn underwriting deal made with Citigroup Global Markets.</p> <p>The deal, to be settled on Friday (August 17), heralds an acceleration of major infrastructure developments in Western Australia’s Pilbara region.</p> <p>“Proceeds from the debt offering will be used to finance construction costs for developing Fortescue’s Cloud Break and Christmas Creek iron ore mines and the related rail and road infrastructure,” the company said yesterday (Monday, August 14).</p> <p>Fortescue said it had already spent $217m, including work on port facilities on the project up to last month. </p> <p>Last month, US investor Leucadia National Corp took a 9.99% stake in Fortescue through a US$400m ($535m) investment after Hong Kong’s Noble Group failed to seal a deal aimed at marketing iron ore to Chinese steel producers.</p> <br />
Fortescue on track with $2.7bn underwriting deal
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