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Perth, July 16, 2010 (ABN Newswire) - Murchison Metals Limited (
ASX:MMX) (PINK:MUMTF) notes the announcement by POSCO Australia Pty Ltd that it has increased its shareholding in Murchison to 13.91%, making it Murchison's largest shareholder.
POSCO Australia is a wholly owned subsidiary of Korean steel giant POSCO (SEO:005490) (TYO:5412) (NYSE:PKX), a core customer of Murchison's 50 per cent owned iron ore producer Crosslands Resources Ltd.
Murchison Executive Chairman, Paul Kopejtka, welcomed POSCO's increased investment.
"We are delighted by POSCO's continuing strong support for Murchison in its leading role in the development of the emerging Mid West iron ore region," he said.
ASX:MMX) (PINK:MUMTF) notes the announcement by POSCO Australia Pty Ltd that it has increased its shareholding in Murchison to 13.91%, making it Murchison's largest shareholder.POSCO Australia is a wholly owned subsidiary of Korean steel giant POSCO (
SEO:005490) (TYO:5412) (NYSE:PKX), a core customer of Murchison's 50 per cent owned iron ore producer Crosslands Resources Ltd.Murchison Executive Chairman, Paul Kopejtka, welcomed POSCO's increased investment.
"We are delighted by POSCO's continuing strong support for Murchison in its leading role in the development of the emerging Mid West iron ore region," he said.
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About Murchison Metals Limited
Murchison Metals Limited is an Australian ASX listed company. Murchison is included in the S&P/ASX 200 Index.
Murchison is a 50% shareholder in Crosslands Resources Ltd which is the owner of the Jack Hills iron ore project located in the mid-west region of Western Australia. The remaining 50% of Crosslands is held by Mitsubishi Development Pty Ltd ("Mitsubishi"), a subsidiary of Mitsubishi Corporation, Japan's largest general trading company.
Murchison also has a 50% economic interest in an independent infrastructure business, Oakajee Port and Rail ("OPR"). OPR was established to construct new port and rail infrastructure to provide logistics services to miners (including Crosslands) and other potential customers in the mid-west region of WA.
The remaining 50% economic interest in OPR is held by Mitsubishi.
In addition to its investments in Crosslands and OPR, Murchison owns the Rocklea iron ore project located in the Pilbara region of Western Australia.
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