OPERATIONS

New FMG Shanghai office strengthens China link

Move follows establishment of Chinese subsidiary

Staff reporter
FMG opens its new Shanghai office

FMG opens its new Shanghai office

FMG CEO Elizabeth Gaines and chief operating officer Greg Lilleyman were joined for the opening by Western Australian minister for tourism Paul Papalia, China Iron and Steel Association vice chairman Luo Tiejun and Australia's consul-general in Shanghai, Dominic Trindade.

The new office follows the establishment last year of a wholly owned Chinese sales entity, FMG Trading Shanghai Co, which supplies products directly to Chinese customers in smaller volumes, in renminbi from regional ports.

"It's now been more than a decade since our first commercial shipment of iron ore in 2008. Over that time Fortescue has become a core supplier of seaborne iron ore to China, and we are proud to contribute to the remarkable urban development of China, which is now expanding to the broader Asian region via the Belt and Road Initiative (BRI)," Gaines said.

In the 2019 financial year, 92% of FMG's iron ore sales of 167.7 million tonnes went to China.

Sales from the new office are expected to account for 5% of total sales.

"The establishment of our new Shanghai office expands our already deep, multifaceted relationships with China which extend beyond our customer relationships to partnerships, procurement, investment, financing and social, academic and policy linkages. We look forward to continuing to build on Fortescue's strong engagement with China for many years to come," Gaines said.

Gaines also presented to AustCham Shanghai today, where she highlighted FMG and WA's strong relationship with China.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production