Grange Resources seeks to sell 30% stake in Southdown project

Australia-based magnetite iron ore pellet producer Grange Resources has announced that it is looking to sell at least a 30 percent stake in its $2.9 billion Southdown magnetite project in Western Australia to ease its funding burden.
 
The company also announced that Deutsche Bank has been appointed as the corporate advisor to assist Grange developing its Southdown magnetite project equity strategy.
 
Southdown is a joint venture which is 70 percent owned by Grange and 30 percent by Japan's Sojitz Resources & Technology Pty Ltd (SRT). SRT is jointly owned by Sojitz Corporation, a
Japanese global trading company and Japanese steelmaker Kobe Steel.