Fortescue Metals Group Ltd hopes to sell port and rail assets by September

By IVCPOST Staff Reporter

Aug 16, 2013 03:20 AM EDT

Fortescue Metals Group Ltd. Chief Executive Nev Power announced the company's continued efforts to pay off debt by selling their port and rail assets. In a statement made to reporters earlier, Power says that the sales process is progressing and that Fortescue is also looking into each of the interested parties who have made a bid. 

The statement is made to refute speculations that Fortescue will be retaining their hold on the said assets after they pushed back the deadline at the end of the quarter. 

Even after receiving a USD500 million investment from Formosa Plastic Group of Taiwan, coupled with the high iron ore prices and lower dollar, Fortescue is optimistic to get at least another USD3 billion from the sale.  Fortescue will push through with their original plans and also anticipates closing a good deal that will increase the value of company shares by September of this year.  

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