Fortescue Metals (FMG) Announce Power Station Sale

Fortescue Metals (FMG) | ASX Top 200 Stocks | ASX FMGFortescue Metals Group Ltd. explores for and produces iron ore. The company conducts business worldwide and is listed on the Australian Stock Exchange.

Fortescue Metals announced the sale of the power station at its Solomon iron ore mine in the Pilbara region of Western Australia to TransAlta Corporation for net proceeds of US$300 million.

The company has concurrently entered into a long term Power Purchase Agreement with TransAlta for 100% of the power station’s capacity over the current life of the Solomon mine.

Fortescue CEO Nev Power said the agreement provides for long-term security of power supply to the 60 million tonne per annum Solomon mine, which is currently under construction.