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.