Australian miner Fortescue Metals Limited has announced that it has completed the sale of a 25 percent stake in the Nullagine iron ore joint venture to Australian iron ore development company BC Iron Limited for A$190 million.
Effective from January 1, 2013, BC Iron's interest in the Nullagine iron ore joint venture will be 75 percent, while Fortescue's interest will be reduced to 25 percent.
Additionally, BC Iron is still committed to increasing the capacity available to the Nullagine JV on Fortescue's rail and port infrastructure to 6 million mt per year during the June quarter of 2013. The capacity increase will not be affected by the sale of a minority interest by Fortescue in its wholly-owned subsidiary The Pilbara Infrastructure (TPI), owner of the company's existing rail and port assets.
As SteelOrbis previously reported, Fortescue this week announced that it is considering the sale of a minority stake in its infrastructure assets.