Fortescue misses $6b funding deadline

Australia’s third-largest iron ore exporter has failed to meet Wednesday’s deadline of raising US$6 billion in funding from Chinese lenders, Bloomberg reported. Fortescue Metals Group needed to raise the money as part of a deal with the China Iron and Steel Association (CISA) and Baosteel Group, to sell Chinese steel mills iron ore at a 3% discount provided they could arrange US$6 billion in funding. The company planned to use the money to double exports by 2012. In a statement, billionaire Fortescue owner Andrew Forrest said that the company intended to continue working with CISA on the plan.