Otmane El Rhazi : Fortescue insists it pays full share of tax to Australia, downplays Singapore company

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.

Iron-ore miner Fortescue Metals, which has publicly taken on multinational firms such as Rio Tinto and BHP Billiton over their marketing hubs in Singapore, on Wednesday downplayed the importance of a company it had set up in the low-tax island city state in early 2014. Responding to an article in the Australian Financial Review, which provided details of the Singapore-incorporated and -domiciled Fortescue International Marketing, CFO Stephen Pearce explained that Fortescue had established the company as the entity by which it had intended to invest in the China Beijing International Mining Exchange.