Mineral Resources Sells Haul Road Stake to Morgan Stanley Infrastructure Fund for $864 Million
By Rhiannon Hoyle
Mineral Resources agreed to sell a 49% interest in the Onslow Iron project's dedicated haul road in Western Australia to Morgan Stanley Infrastructure Partners for 1.3 billion Australian dollars (US$864 million).
The 90-mile dual-lane road in Australia's remote West Pilbara region will be used to haul iron ore from the company's Ken's Bore mine site to the Port of Ashburton.
Mineral Resources will retain majority ownership and exclusive rights to use, operate and maintain the haul road, the company said late Wednesday. Morgan Stanley Infrastructure Partners' road trust will receive a tolling fee per metric ton of iron ore transported via the road.
"The arrangement will ensure seamless mine-to-ship delivery of Onslow Iron product to customers," Mineral Resources said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
June 05, 2024 18:40 ET (22:40 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk