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Fortescue in advanced investment talks with Valin

(Agencies)
Updated: 2009-02-24 14:30

Fortescue Metals Group, Australia's third-largest iron ore miner, is in advanced talks with Chinese steelmaker Valin Iron and Steel Group over an equity investment, Fortescue said on Tuesday.

Fortescue is also talking with China Investment Corporation on a hybrid funding package, it said in a market update released to the stock exchange.

Fortescue shares were put on a trading halt on Monday pending an announcement this week on a capital raising of an undisclosed sum. The bookbuild is being handled by JP Morgan, Southern Cross Equities and CLSA.