MMK says goodbye to Australian ore
Edited by Rhod Mackenzie / 2016-05-10 06:29:48
Finance Metals and mining Russia Magnitogorsk metallurgic plant MMK Shares Russia Metals and Mining Steel
Magnitogorsk metallurgical plant of Victor Rashnikov, as expected, has begun to get rid of non-core shares in the Australian Fortescue Metals Group (FMG). The Russian investor, spent about $200 million to buy the package, sold 2% of the shares and had an effect on EBITDA in the amount of $68 million. The time to withdraw the asset can be considered relatively successful: in the first quarter against the background of iron ore price growth the FMG’s shares rose twice.
