Australia-based miner Fortescue Metals Group Limited has announced that it has purchased two iron ore processing plants at Christmas Creek in the Pilbara region of Western Australia from Mineral Resources Limited's subsidiary Crushing Services International Pty Ltd (CSI) in accordance with the options granted by CSI under the original build-own-operate contracts.
"Fortescue sees this acquisition as an extremely positive benefit for the continued growth of the company. We are now getting substantial volume and revenue increases from our expanded operations, which are generating significant free cash flow and underpinning our accelerated debt reduction program," said Fortescue chief executive officer Neville Power.