Pilbara assets still for sale: Fortescue chief

Fortescue Metals Group Ltd (FMG) chairman Andrew Forrest has said the company will continue efforts to sell a minority interest in its Pilbara port and rail assets despite stronger iron ore prices and the lower Australian dollar, according to The Australian Financial Review.

The changing landscape — namely the lower dollar and stronger iron ore price — had sparked some speculation that Fortescue would change course and decide to retain the assets, especially after the company pushed back the sales process deadline to the end of the September quarter.

However, at the annual Diggers & Dealers conference, Mr Forrest said the sale would go ahead, but only at a price that added to shareholder value.

“It has not changed strategy at all,” Mr Forrest said, according to the AFR.

“It is fantastic that our balance sheet is growing daily but we went in there on the basis that we would be pursuing a sale if it was value accretive to all stakeholders.

“We will still pursue that sale if it is value accretive.”