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South China Morning Post reported that Australia’s Fortescue Metas Group (ASX:FMG) has scrapped a September deadline for selling a stake in its port and rail business and spurned offers it has received so far.
South China Morning Post reported that Australia’s Fortescue Metas Group (ASX:FMG) has scrapped a September deadline for selling a stake in its port and rail business and spurned offers it has received so far.
As quoted in the market news:
The world no.4 iron ore miner has nearly completed a US$9 billion expansion to triple its output and booked a 67 per cent rise in half-year profit on Thursday which beat forecasts.
Fortescue put a minority stake in its port and rail business, The Pilbara Infrastructure (TPI), up for sale last December with the aim of raising around US$3 billion to pay down debt after a scare last year when iron ore prices sank to a three-year low.
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