After BHP, China’s CMRG Close to Iron Ore Deal With Fortescue

Fortescue Ltd is close to signing a supply agreement with China’s state-backed iron ore buyer, according to a person familiar with the matter, following a BHP Group deal that drew a line under months of talks.

Fortescue, currently in talks, is expected to finalize its long-term settlement with China Mineral Resources Group in the coming months, the person said, asking not to be named as the information is not public. Fortescue is currently operating under short-term agreements that have been extended while the negotiations continue, the person added.