Fortescue Metals to Seek China Financing

Hunan Valin Iron & Steel Group executives said China's sovereign-wealth fund may help finance expansion at Fortescue Metals Group Ltd. through debt rather than stock purchases, as the Chinese steel group became the Australian iron-ore miner's second-biggest shareholder.

The comments -- along with Canberra's approval Friday of a tie-up between Anshan Iron & Steel Group Corp. and Gindalbie Metals Ltd. -- underscore the trend of Australian miners turning to deep-pocketed Chinese investors who are keen to secure overseas resources.

Wang Jun, vice party secretary of Hunan Valin Iron, said Fortescue is talking to China Investment Corp., the country's US$200 billion sovereign-wealth fund, on a possible debt investment, such as a convertible-bond purchase. He said Hunan Valin Iron would also help Fortes

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