Fortescue secures RMB loan worth $2 billion to advance decarbonization

Australian mining giant Fortescue Metals Group (FMG) announced that it has received a Renminbi-denominated (RMB) Syndicated Term Loan Facility worth Yuan 14.2 billion (approximately $2 billion), according to the company's announcement last Friday. The funding will be used for general corporate purposes and to support Fortescue's "decarbonization agenda", FMG said.

As the world's fourth largest iron ore producer, FMG is a major supplier of iron ore to China and generates RMB revenues through its iron ore sales. The new deal marks the first RMB Syndicated Term Loan of its kind by an Australian corporate – a milestone that underscores