Fortescue Metals yesterday said it had failed to meet a self-imposed deadline to agree a $6bn financing package with a Chinese banking syndicate.
The development kills an agreement that would have seen the Australian miner supply China with iron ore more cheaply than by terms agreed by the world's three biggest producers.
The proposed financing package was unveiled with fanfare last month because it would have allowed Fortescue to significantly expand its production base. But it also allowed China, which has refused to agree to an annual iron ore contract benchmark price, to save face by securing a small amount of iron ore at prices lower than those offered by BHP Billiton, Rio Tinto and Vale.
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