Mineral Resources (ASX: MIN) acquired a 40 per cent interest in Red Hill iron ore joint venture (RHIOJV), located in the West Pilbara region of Western Australia.
The mining company notes that the acquisition of RHIOJV interest aligns with their strategy to expand its resource inventory around the company’s Ashburton Hub to underpin a long-term, sustainable iron ore export business.
Completion was conditional on Red Hill shareholder approval, which was obtained yesterday. In line with terms of the transaction, Mineral Resources paid Red Hill $200 million, out of existing cash resources.
With Mineral Resources now holding a 40 per cent interest, Australian premium iron joint venture hold the remaining 60 per cent.
Shares in Mineral Resources (ASX:MIN) are trading 3.6 per cent higher at $55.19.
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