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.-
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