Fortescue shares gain as Shanghai listing eyed
May 11, 2009 - 1:36PM
Australian iron ore miner Fortescue Metals may list its shares in Shanghai, which plans to allow foreign listings under an ambitious development scheme, the official China News Agency reported, quoting Fortescue CEO Andrew Forrest.
Fortescue's shares rose in Sydney trading, bucking the trends on a day when most big miners were lower. Fortescue shares were recently up 8%, or 21 cents, to $2.85.
Forrest said Fortescue's equity tie-up with China's Hunan Valin Iron and Steel Group would help its localisation in China and may facilitate a Shanghai listing, the news agency reported on its website over the weekend.
China has given no timeframe for allowing foreign companies to float shares in Shanghai, proposed as part of a plan to make the country's financial hub a global financial centre by 2020.
Forrest made the comments during a signing ceremony on Friday for a strategic partnership with Valin, China News said.
shanghai listing eyed
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