IRC to Sell Stake in Vanadium Joint Venture

MT Newswires Live

07/29

IRC (HKG:1029) said it agreed to sell its ownership in a vanadium joint venture held by its Ariva HK unit, according to a Hong Kong bourse filing Monday.

Shares of the iron ore miner gained over 3% in recent trade Tuesday.

The company is selling its 46% stake in the venture for 32.2 million yuan to JV partner Jianlong Steel which already owns 49% of the business.

IRC said it was disposing off its stake because the venture had not been generating profit.

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