Fortescue Metals Group Ltd. has announced that it would be selling stake in one of its projects in Western Australia. It said the buyer would be foreign steel mills and they would buy out almost half of the stake in the magnetite projects.

Talking to media during a conference, Andrew Forrest, Chief Executive of the iron ore miner said that the company is happy with the deal and is trying to sell even more stake if only they can keep a meaningful number.

Andrew also said that since the steel mills are better equipped and better arranged in taking care of the magnetite processing facility, the buyers will also be operating the same.

Meanwhile, the third biggest miner has said in a statement that the iron ore production capacity of its Solomon project has gone up by 300 million mt.

After the update the total resource portfolio of the project has been upgraded to 2.7 billion mt. It is now targeting to produce 60 million mt per year for the first stage of the project.

The mine has a life of 20 years and Andrew is sure that the target can be achieved.