According to the Wall Street Journal’s Chinese website, Fortescue Metals Group Ltd, Australia’s third-largest iron ore producer. Chief Executive Andrew Forrest said on Tuesday that the company is considering going to Hong Kong or Shanghai to strengthen its ties with its major iron ore buyer, Chinese steel companies.
Forrest said in an interview with Dow Jones Newswires that the company has been studying the market conditions in Shanghai and Hong Kong, but the board of directors has not yet made a decision and the second listing is still under planning.
If Fortescue intends to re-list as soon as possible, it will only be listed in Hong Kong because Shanghai has not yet launched an international board, and foreign companies cannot yet issue denominated stocks.
In 2009, China had revealed plans to launch an international board to promote the internationalization process and realize Shanghai’s goal of becoming an international financial center in 2020. Although the official did not give the timetable for the plan, Shang Fulin, the China Securities Regulatory Commission, said last month that it was getting closer to launching the international board.
In terms of output, Fortescue is the third largest iron ore producer in Australia, behind BHP Billiton Ltd. and Rio Tinto PLC. Forrest said that although many other resource companies complained about project cost overruns, the company did not face the lack of labor and skilled workers.
He said that the company’s major cost pressures come from energy consumption and taxation, mineral resource lease tax and carbon tax devaluation of Australia’s competitiveness, which is a real concern for Fortescue.
Forrest said in an interview with Dow Jones Newswires that the company has been studying the market conditions in Shanghai and Hong Kong, but the board of directors has not yet made a decision and the second listing is still under planning.
If Fortescue intends to re-list as soon as possible, it will only be listed in Hong Kong because Shanghai has not yet launched an international board, and foreign companies cannot yet issue denominated stocks.
In 2009, China had revealed plans to launch an international board to promote the internationalization process and realize Shanghai’s goal of becoming an international financial center in 2020. Although the official did not give the timetable for the plan, Shang Fulin, the China Securities Regulatory Commission, said last month that it was getting closer to launching the international board.
In terms of output, Fortescue is the third largest iron ore producer in Australia, behind BHP Billiton Ltd. and Rio Tinto PLC. Forrest said that although many other resource companies complained about project cost overruns, the company did not face the lack of labor and skilled workers.
He said that the company’s major cost pressures come from energy consumption and taxation, mineral resource lease tax and carbon tax devaluation of Australia’s competitiveness, which is a real concern for Fortescue.
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