Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Fortescue Metals has welcomed Treasurer Joe Hockey’s announcement on Wednesday that Australia would become a founding member of the Asian Infrastructure Investment Bank (AIIB). Hockey has committed to contributing A$930-million as paid-in capital to the bank over the next five years, making Australia the sixth-largest shareholder in the Beijing-based organisation designed to help finance infrastructure projects across Asia. The AIIB will have paid-in capital of $20-billion with total authorised capital of $100-billion.
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