AsianFin -- Fortescue Group (FMG), Australia’s third-largest iron ore exporter, has closed a record syndicated term loan in Chinese yuan, in a move the company says reflects growing financial and resource-sector cooperation between China and Australia.

The 14.2 billion yuan ($2 billion) financing attracted strong interest from top banks in China, Australia and other international markets, according to FMG. It marks the first syndicated yuan loan ever completed by an Australian company.

“The resources and energy sectors have long been the backbone of economic ties between China and Australia,” said Apple Paget, FMG’s chief financial officer, in an interview with the Global Times. “As global industries transition to lower-carbon and more resilient models, these partnerships are shifting from simple supply arrangements toward deeper collaboration.”