Australia’s Mineral Resources (MinRes) has announced that it has received approval from the Foreign Investment Review Board (FIRB) to sell a 49% stake in its Onslow Iron Ore project haul road for A$1.3 billion. FIRB is an Australian government advisory body that advises on proposed investments in the country.

MinRes will sell the stake to investment funds managed by Morgan Stanley Infrastructure Partners. At current iron ore prices, MinRes' operations at Onslow Iron will achieve positive cash flow from October 2024.

The rail haul road will be used to transport iron ore from the mine to the Port of Ashburton, unlocking stranded iron ore deposits in the West Pilbara region.