MinRes sells lithium stake to fund iron ore
2021-09-07 13:15:59 [Print]
Australian iron ore producer Mineral Resources (MinRes) has sold its 5pc stake in Australian lithium producer Pilbara Minerals, raising A$330mn ($245mn) to push plans to increase its Western Australia (WA) iron ore output towards 100mn t/yr from around 20mn t/yr.
The firm completed its A$400mn acquisition of Australian firm Red Hill Iron's 40pc stake in the Red Hill Iron Ore joint venture (RHIOJV) last week. This increases MinRes' stake in the 30mn t/yr West Pilbara iron ore project (WPIOP) at the joint-venture level, after it acquired Australian rail firm Aurizon's 15pc stake in the WPIOP joint-venture partner Aquila in June.
The firm completed its A$400mn acquisition of Australian firm Red Hill Iron's 40pc stake in the Red Hill Iron Ore joint venture (RHIOJV) last week. This increases MinRes' stake in the 30mn t/yr West Pilbara iron ore project (WPIOP) at the joint-venture level, after it acquired Australian rail firm Aurizon's 15pc stake in the WPIOP joint-venture partner Aquila in June.