Fortescue says no current talks on infrastructure sale

Company News 11:00:51AM Oct 17, 2013 Source:SMM

Thu, 17 Oct 02:44:00 GMT
 
 
SYDNEY, Oct 17 (Reuters) - Australian iron ore miner Fortescue Metals Group Ltd said it would not rule out the sale of a minority stake in its Western Australia port and rail infrastructure assets, but no talks were currently underway.

Earlier negotiations with interested parties had concluded without a deal on The Pilbara Infrastructure (TPI), chief executive Nev Power told reporters on a conference call on Thursday.

Fortescue put a minority stake in TPI up for sale last year as it sought to cut its hefty debt load. Analysts had estimated the stake sale could raise up to $4 billion for the company, but a successful ramp up in production and strength in the iron ore price has reduced pressure on Fortescue to sell assets.


(Reporting by Lincoln Feast and James Regan; Editing by Ed Davies)

((Lincoln.Feast@thomsonreuters.com)(+61 2 9373 1826)(Reuters Messaging: lincoln.feast.thomsonreuters.com@reuters.net))

Fortescue says no current talks on infrastructure sale

Company News 11:00:51AM Oct 17, 2013 Source:SMM

Thu, 17 Oct 02:44:00 GMT
 
 
SYDNEY, Oct 17 (Reuters) - Australian iron ore miner Fortescue Metals Group Ltd said it would not rule out the sale of a minority stake in its Western Australia port and rail infrastructure assets, but no talks were currently underway.

Earlier negotiations with interested parties had concluded without a deal on The Pilbara Infrastructure (TPI), chief executive Nev Power told reporters on a conference call on Thursday.

Fortescue put a minority stake in TPI up for sale last year as it sought to cut its hefty debt load. Analysts had estimated the stake sale could raise up to $4 billion for the company, but a successful ramp up in production and strength in the iron ore price has reduced pressure on Fortescue to sell assets.


(Reporting by Lincoln Feast and James Regan; Editing by Ed Davies)

((Lincoln.Feast@thomsonreuters.com)(+61 2 9373 1826)(Reuters Messaging: lincoln.feast.thomsonreuters.com@reuters.net))