Fortescue Metals Group, the Australian iron and ore company, is planning to sell $1.9bn (€1.5bn) worth of bonds this week to part fund the $2.82bn investment programme its targeting as it seeks to better compete with rivals in China.

Fortescue and lead arranger Citigroup, which recently arranged a $200m loan for the company, are visiting investors Europe and the US this week with the bond sale expected to be completed by Friday.