South African labour union to strike at ArcelorMittal over job cuts
Africa's biggest steel producer was rocked by a two-week wage strike in May 2022.
Australia’s Mineral Resources said on Tuesday it has got the Foreign Investment Review Board’s (FIRB) approval to sell a 49% stake in its Onslow Iron Project’s haul road for A$1.3 billion ($865.3 million).
The FIRB is an Australian government advisory body that advises on proposed investments in the country.
The diversified miner said it would sell the stake to investment funds managed by Morgan Stanley Infrastructure Partners.
The company said it was exploring ways to reduce operational expenditure, identifying A$180 million in capital expenditure and A$120 million in operational cost savings for fiscal 2025.
“At current iron ore prices and while still ramping up, MinRes’ operations at Onslow Iron will be cash flow positive from October 2024,” the Australian diversified miner said.
The haul road, to be used for transporting iron ore from the mine site to the Port of Ashburton, unlocks stranded iron ore deposits in the West Pilbara region.
The company, which has been struggling to expand production amid a slow recovery in lithium prices, reported an 80% slump in its annual profit in August.
The Onslow Iron Ore Project, a joint venture between MinRes, giant steelmakers China Baowu, POSCO and Advanced Micro Controls, carries an initial capital expenditure of A$3 billion.
($1 = 1.5024 Australian dollars)
(By Roshan Thomas; Editing by Sonia Cheema and Eileen Soreng)
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