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Fortescue may seek Shanghai listing

(Agencies)
Updated: 2009-05-11 17:17

Australian iron ore miner Fortescue Metals may list its shares in Shanghai, which plans to allow foreign listings under an ambitious development scheme, China News Service reported, quoting Fortescue CEO Andrew Forrest.

Related readings:  Valin: Further approvals needed for Fortescue deal  Fortescue to expand iron ore sales to China's Valin  Sources: China firms eyeing Fortescue  Energy: Chalco, China rivals mull stake in Fortescue

Forrest said Fortescue's equity tie-up with China's Hunan Valin Iron and Steel Group would help its localization in China and may facilitate a Shanghai listing, the news agency reported on its website, www.chinanews.com.cn, on Saturday.

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 center by 2020.

Forrest made the comments during a signing ceremony on Friday for a strategic partnership with Valin, the agency said.