Morgan Stanley Infrastructure Inc. agreed to acquire 49% stake in Onslow Iron Project?s Haul Road from Mineral Resources Limited (ASX:MIN) for AUD 1.3 billion on June 5, 2024. A cash consideration of AUD 1.1 billion will be paid by Morgan Stanley Infrastructure Inc. Morgan Stanley Infrastructure Inc. will pay an earnout/contingent payment of AUD 200 million cash, subject to to achieving a 35Mtpa run rate for any quarter before 30 June, 2026. The completion is expected in the second half of 2024.

JPMorgan Chase & Co. acted as financial advisor for Mineral Resources Limited. David John & David Ryan of Herbert Smith Freehills LLP acted as legal advisor for Mineral Resources Limited. Emin Altiparmak, Igor Bogdanich, Wendy Rae, David Couper, Matthew Whittle, David Donnelly, David McLeish, Eve Lynch and Penny Nikoloudis of Allens advised Morgan Stanley Infrastructure.

As of September 10, 2024, The transaction has been approved by the Foreign Investment Review Board, all conditions precedent are satisfied and completion of the transaction is due to occur within 15 business days.

Morgan Stanley Infrastructure Inc. completed the acquisition of 49% stake in Onslow Iron Project?s Haul Road from Mineral Resources Limited (ASX:MIN) on September 25, 2024.