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Fortescue Metals Group Limited (FMG) is interested to Invest in Pakistan

Fortescue Metals Group Limited (FMG) is interested to Invest in Pakistan

Fortescue Metals Group Limited (FMG) is the Global Leader in the iron ore industry. It is an Australian company with world-class infrastructure and mining assets on over five-hundred-thousand Sq. Km area called Pilbara, 1270 kilometres away from Perth which is also called red earth, in Western Australia. FMG is the fourth largest Iron Ore Producer in the World.

The interest shown by Fortescue Metals Group Limited (FMG) to invest in Pakistan would result in generating big economic opportunities, and employment for local communities.

ALSO READ: Economic Progress Of Pakistan During Two Years Of PTI Government

Who is the man behind Fortescue Metals?

Yes, the man behind FMG was once Australia’s richest man in 2008 with (currently) over USD 14.8 billion wealth. Dr Forrest (born in 1961) or Andrew Forrest is PhD in marine (ecology) sciences nicknamed Twiggy is an Australian Businessman, Philanthropist with interest in Cattle Stations is the Former CEO and current non-executive chairman of FMG. Mr Andrew (Twiggy) closest associates include former Prime Minister John Howard and many big and influential names in Australia.

Andrew taking interest in Pakistan can highlight Pakistan on International forum

During a meeting with Prime Minister Imran Khan’s Advisor Dawood and Chairman Board of Investment Bukhari, FMG proposed plans for investments in the country. FMG intends to establish new technologies with zero carbon emissions especially Green Steel production plant. The group visited some of the sites of the venture and informed that sites in Pakistan have potential and this will help Pakistan sustain in future. FMG focuses on Green Industry i.e. generations of Hydropower which would be owned by the Group itself and operated with the help of a local partner.

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Why Twiggy short-listed Pakistan

The PTI government is also keen and actively engage for sustainable environmental practices, speedy access to markets and rapid-decision-making shortlisted Pakistan feasible for Foreign Investments.  FMG approaching Pakistan will also result in Technology transfer to Pakistan. The Board of Investment (BOI) assures FMG to actively resolve any issue that may arise during the materialization of the plan. Twiggy also appreciated Pakistan’s gender balance employment opportunities.

Some Technical information for the Sales Professional Forum’s respected readers:

What is Iron Ore and what is Steel made of?

In simple words, Iron Ore are rocks from which metallic iron can be extracted. Principal Iron Ore is divided into two different groups, Magnetite (black colour), which is strongly magnetic iron, and Hematite, weak magnetic Iron Ore (steel silver to reddish-brown colour), including Martite, Specularite, Limonite & Siderite. Iron Ore is directly used in the Steel making process or 98% of the mined Iron Ore is used to make steel. Iron Ore is the raw material used to make pig iron.

Australia Share in World Iron Ore Production

Out of World’s 2500 million metric tons Iron Ore reserves, 29% of total global, which is 49,604 million metric tons is in (New South Wales, South, Tasmania, Victoria & Western) Australia. Australia produced 899 million tons, which is 36% of world Iron Ore production.

Conclusion

Everybody knows that Iron Ore consumption grows globally and most rapidly in developing countries. Before the PTI Government, Pakistan Steel Melter & Steel Mills multiplied their business because of CPEC & Construction boom. Big Steel Producers like Agha Steel, Aisha Steel, Amreli Steel, Mughal Steel, International Steels, Tuwarqi Steel, Ittefaq Group, Razzaq Steel, Faizan Steel, HSJ have record DOs (delivery order) in advance even for years. FMG Pakistan visit is no surprise for us. PTI Government has developed a Construction friendly framework and give clear instructions to the Financial Institutions to grant business loans on flexible terms to the Construction Industry. We hope that FMG visit will help Pakistan to revitalize its economy under the rule of Prime Minister Imran Khan.

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