NEW YORK CITY (dpa-AFX) - Morgan Stanley Investment Management or MSIM,
through investment funds managed by Morgan Stanley Infrastructure Partners or
MSIP, a private infrastructure investment platform within MSIM, announced
Thursday it has agreed to acquire a 49% stake in Onslow Iron Road Trust in
partnership with Mineral Resources Ltd., which will continue to own a 51% stake.

Mineral Resources, a leading diversified natural resources company listed on the
Australian Stock Exchange, is the manager and majority owner of the Onslow Iron
ore project located in the northwest Pilbara region of Western Australia.

Onslow Iron has commenced ore production and is expected to ramp up to nameplate
capacity of 35 million tonnes per annum by June 2025.

As part of delivering the pit-to-port solution for Onslow Iron, Mineral
Resources built an approximately 150-kilometer private haul road from the Onslow
mine to Ashburton Port.

Serving as the only corridor for Onslow Iron's deposits, Road Trust owns a
critical transportation infrastructure asset that will assist in unlocking
material iron ore deposits previously stranded in the West Pilbara.



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