Andrew “Twiggy” Forrest bet US$15 billion of mostly borrowed money on a China steelmaking boom, defying doubters to build mines, a railway and a port to create the world’s no. 4 iron ore miner under the noses of giants Rio Tinto and BHP Billiton.
Now, hammered by a halving in iron ore prices in the past year and saddled with US$10 billion in debt, his Fortescue Metals Group faces a critical week.
via Business feed http://www.scmp.com/business/companies/article/1039091/forrests-mining-empire-hangs-balance
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