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Chinese companies ready to buy stakes in Fortescue

Two Chinese companies are allegedly looking to acquire stakes in Australian mining company Fortescue, reports IHS Maritime 360. Low iron ore price could force indebted Fortescue to accept the offer. Sources inform that the company is also looking to sell eight VLOCs.

Chinese companies Baosteel and CITIC are ready to purchase stakes in Australia's third-largest mining company, Fortescue, and the struggling market with extremely low iron ore prices could force the company to accept the bid, reports media IHS Maritime 360, citing industry sources who estimated that Fortescue has no other real options to raise capital to repay the company's massive debt.

Fortescue's debt current stands at USD 7.2 billion, which the company managed to refinance in April this year.

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