Photo by: Bloomberg
PERTH (miningweekly.com) – The share price of iron-ore major Fortescue Metals rose by nearly 9% on Tuesday after media reports suggested that the miner was discussing a potential investment with Chinese firms.
The Australian Financial Review suggested that Chinese firms had applied to the Foreign Investment Review Board (FIRB) seeking permission to invest in the iron-ore major, with the article also stating that Fortescue had held discussions with steel producer Baosteel and conglomerate CITIC.
Fortescue on Tuesday refused to comment, saying that the company was not aware of any third party applications to the FIRB.
The company also maintained that it was in compliance with its continuous disclosure obligations.
Fortescue shares were trading at a high of A$2.49 a share on Tuesday, up from an opening price of A$2.38 a share.