Fortescue announces landmark $50 million funding initiative for Aboriginal partners

Fortescue Metals Group has officially launched a landmark AUS$50 million funding initiative in partnership with national bank ANZ, which will support aboriginal businesses which they work with.

The fund includes a guaranteed leasing facility which will allow eligible businesses to access finance at a competitive rate through ANZ to lease required assets.

Outgoing CEO of the Australian mining giant Nev Power said: “Through ongoing consultation, we know that access to capital to fund income generating assets has been identified by aboriginal groups as a major barrier to building sustainable businesses.

“We are proud to be able to provide these businesses with tools to help build value and sustainability, which in turn creates employment and development opportunities.”

Fortescue has awarded nearly $2 billion in contracts to 105 aboriginal businesses and joint ventures since the creation of its Billion Opportunities programme in 2011.

The firm has also committed to spending 10% of total procurement with aboriginal businesses by 2021.