Mon Mar 28, 2011
MELBOURNE, March 28 (Reuters) - Australia's no.3 iron ore miner Fortescue Metals Group is considering a dual listing in Hong Kong to give it access to new sources of capital as it embarks on a massive expansion of capacity, a newspaper reported on Monday.
"We look at all of the options," Fortescue executive director Andrew Forrest was quoted saying in the Australian Financial Review.
Forrest met with Hong Kong Exchanges and Clearing (HKEx) officials in Hong Kong last week, the newspaper said, adding that Fortescue has also considered a listing in Shanghai.
HKEx is pushing to attract Australian resource company listings, a potential new competitive threat for the Australian Securities Exchange , which is looking to merge with Singapore Exchange Ltd .
Last week, Australian mining magnate Clive Palmer said he was delaying a planned $3 billion float of his company Resourcehouse in Hong Kong due to volatile market conditions.
HKEx is reviewing its listing rules to make it easier for resources companies to list.
"I believe as the investors here become more fluent in understanding mining and natural resource companies there is an opportunity for us to potentially make those rules even more flexible," the newspaper quoted an HKEx spokesman saying. (sourced:Reuters)
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment