Neville Power (Center), CEO of FMG, attends the Boao Forum for Asia and says that FMG plans to go public in Shanghai or Hong Kong. [Gong Jie/China.org.cn]

Australian mining company Fortescue Metals Group Ltd. (FMG) announced that one of its joint ventures will go public in Shanghai or Hong Kong. Neville Power, CEO of FMG, first announced this news to media while attending the Boao Forum for Asia 2013 Annual Conference, which runs from 6th to 8th April in Hainan, China.

Neville Power says that the joint venture is between FMG and Chinese Baosteel Group. The feasibility of this IPO project is still in discussion.

According to Neville Power, FMG will produce 155 million tons of iron ore by the end of 2013, and 90% of its products will be supplied to the Chinese market. FMG is the world's fourth largest iron ore producer by capacity and most of its products go to the Chinese market. Neville Power says that FMG is very confident of the Chinese economy and is determined to become the most important supplier of iron ore to the Chinese market.