BUDDING iron ore developer Fortescue Metals Group Ltd has awarded a $160 million development contract to WorleyParsons Ltd for its $2 billion iron ore project. The contract covers the engineering, procurement and construction of the project, which is due to start producing iron ore late next year. Fortescue is now working on completing the permanent project finance package for the mine, after securing a project credit line of $US200 million earlier this year. Shares in Fortescue pulled back 45 cents to $7.90 while WorleyParsons gained 22 cents to $20.38.
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