Iron pellet producer Ferrexpo takes £50m stake in Ferrous Resources

FTSE 250 listed iron ore pellet producer Ferrexpo has announced that it's taken a 14.4 per cent stake in Ferrous Resources (release).

Total consideration for the stake, which was acquired between January and September 2013, was approximately US$80 million.

Ferrous is an iron ore company, based in the iron ore quadrangle of the Minas Gerais region of Brazil.

It also allows Ferrexpo the opportunity to extend its marketing knowledge to include iron ore fines and share its extensive experience in the beneficiation of iron ore, a process which is increasing in the Minas Gerais region of Brazil.