Shares in Mineral Resources Limited
(ASX:MIN) have fallen this morning after Fortescue Metals Group Limited's
(ASX:FMG) decided to fully take the reins at its Christmas Creek iron ore mine in Western Australia.
Earlier today the Pilbara focussed iron ore miner said it will immediately begin to manage and supervise two ore processing facilities at the mine due to operational concerns.
While Fortescue has flagged slower production as the management transition is made, Mineral Resources says it does not expect its cash flow or profitability to suffer as a result of the step-in and believes the issue will be resolved shortly.
The news comes after Fortescue reported a contract worker fatality at the Christmas Creek mine last month.
Shares in Mineral Resources had lost more than 8 per cent this morning and were trading at $11.03.
Mineral Resources reported a net profit of $180 million in the 2013 financial year.
