Russia’s MMK may sell shares of Fortescue Metals Group by Oct

MOSCOW, Aug 5 (PRIME) -- Russia’s Magnitogorsk Iron and Steel Works (MMK) may sell its whole stake in Austrian mining company Fortescue Metals Group (FMG) by October, Sergei Sulimov, MMK’s deputy CEO for finance and economy, said Friday in a conference call.

MMK has been selling shares of FMG to the market since the beginning of the year. In January–March, the company sold about 2% of its 5% stake and continued selling shares in April, he said without mentioning the exact amount of sold shares.

“We plan to continue the sales. If there is a good opportunity for that, we may sell the whole stake in Fortescue until the end of the third quarter,” he said.

MMK said that the combined positive effect from the sale of FMG shares amounted to U.S. $77 million in April–June and to $145 million in January–June.

End