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Australian metals group, Fortescue looking to sell stakes in its mines, rail and port infra, to raise money for repaying its net debt of $7.2 billion

Australian Fortescue Metals Group is looking to sell stakes in its mines as well as rail and port infrastructure to pay off its debt faster, according to reports. The company which has net debt of $7.2 billion will repay it with the money raised from investors, so that the process is accelerated, rather than using cash flow from its operations. There have been reports that China's Hebei Iron & Steel Group and Tewoo Group could invest in Fortescue's infrastructure and mining assets. Annual profit at Fortescue, the world's fourth biggest iron ore miner, fell nearly 90 percent to $316 million as the price of the steel-making commodity reeled from a slowing Chinese economy.

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FORTESCUE,IRONORE,United States,Australia,Iron Ore,Metals Markets,Mergers / Acquisitions / Takeovers,Steel,Corporate Events,Mining,Results Forecasts / Warnings,Iron / Steel,Metals and Mining (TRBC),China (PRC),Iron and Steel (TRBC),Americas,Fortescue Metals Group,Hebei Iron & Steel Group,Tewoo Group