In October 2013, the Formosa Plastics Group of Taiwan and Fortescue Metals Group Limited established the Iron Bridge Joint Venture to develop the FMG Iron Bridge Iron Ore Project, a 5.2 billion tonne magnetite resource in the Pilbara region of Western Australia – the largest single iron ore resource in Australia.
Managing Partner (and Corporate & Resources Partner) John Toigo and Senior Associate Brad Vinning, with other team support advised Formosa Plastics Group on its $US1.15 billion investment in the acquisition and establishment of the JV.
Accounting for 13% of Taiwan’s GDP in 2012, the Formosa Plastics Group is Taiwan’s largest private company. It is constructing a 22 million tonnes per annum USD $20 billion integrated steel mill in Vietnam. This greenfield project is the largest of its kind in the steel making industry globally and, once finished, will comprise 6 blast furnances.