FMG opens Shanghai office

FORTESCUE Metals Group has formally opened its new office in Shanghai, China.
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FMG opens its new Shanghai office

Staff reporter

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.