NEW YORK – June 06, 2024

Morgan Stanley Investment Management (“MSIM”), through investment funds managed by Morgan Stanley Infrastructure Partners (“MSIP”), a private infrastructure investment platform within MSIM, today announced it has agreed to acquire a 49% stake in Onslow Iron Road Trust (“Road Trust”) in partnership with Mineral Resources Limited (“Mineral Resources”), 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 (“Onslow Iron”) 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.

“We are pleased to partner with Mineral Resources as part of the Onslow Iron project and value its long-term track record of project execution,” said Tim Cooper, Managing Director for MSIP. “We are proud to be co-stewards of an asset we believe will deliver an attractive, inflation-protected cash yield, backed by significant barriers to entry and attractive underlying economics.”

About Onslow Iron Road Trust

Onslow Iron Road Trust (“Road Trust”) is the owner of an approximately 150-kilometer private haul road from the Onslow Iron ore project to Ashburton Port in the northwest Pilbara region of Western Australia. Road Trust is co-controlled and managed by Mineral Resources, the majority owner of Onslow Iron. Road Trust is a critical, transportation infrastructure asset serving as the only corridor for Onslow Iron’s deposits. Road Trust will be supported by Mineral Resources’ 30+ year track record of delivering leading mining supply chain solutions for tier-one global mining companies.

About Morgan Stanley Infrastructure Partners

Morgan Stanley Infrastructure Partners ("MSIP") is a leading global private infrastructure investment platform with approximately $17 billion in assets under management¹. Founded in 2006, MSIP has invested in a diverse portfolio of 40 investments across transportation, digital infrastructure, energy transition and utilities. MSIP targets assets that provide essential public goods and services with the potential for value creation through active asset management. For further information about Morgan Stanley Infrastructure Partners, please visit www.morganstanley.com/im/infrastructurepartners.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.5 trillion in assets under management or supervision as of March 31, 2024. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.