Fortescue to sell 25% stake in Nullagine iron ore JV to BC Iron

Australia-based miner Fortescue Metals has announced that it has reached an agreement to sell a 25 percent stake in the Nullagine iron ore joint venture to Australian iron ore development company BC Iron Limited for A$190 million. The Nullagine iron ore project, based in the Pilbara region of Western Australia, is currently a 50-50 partnership between BC Iron and Fortescue.
 
Additionally, Fortescue and BC Iron have also agreed to increase the available capacity to the joint venture on Fortescue's rail and port infrastructure from the existing 5 million mt per year to 6 million mt per year for the life of the joint venture.
 
According to Fortescue's statement, the sales transaction is expected to close on or before December 24, 2012.