MinRes confirms $200m contingent payment for Onslow Iron haul road sale
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The news: Mineral Resources said it will receive a $200 million contingent payment from Morgan Stanley Infrastructure Partners (MSIP) in early November as part of its $1.3 billion haul road sale to the investing giant, announced last year.
The numbers: Investment funds managed by MSIP paid an initial upfront consideration of $1.1 billion for a 49% interest in the 150 kilometre haul road at MinRes' Onslow Iron project.
Between 1 August and 27 October this year, 8.75 million tonnes (Mt) of iron ore was loaded onto MinRes transhippers at the Port of Ashburton in Western Australia. In doing so, the miner achieved a 35Mt-per-annum run rate at the project and satisfied the contingent payment condition for the final $200 million instalment.
What they said: "Achieving sustained nameplate capacity at Onslow Iron over three consecutive months is another significant achievement for the MinRes team and our partners," said MinRes managing director Chris Ellison.
"Securing the contingent payment is a strong financial outcome that rewards this operational success, and we thank Morgan Stanley Infrastructure Partners for their continued support."
The source: ASX
