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Sydney, Dec 28, 2011 (ABN Newswire) - Murchison Metals Ltd (
ASX:MMX) (PINK:MUMTF) has been advised that the Foreign Investment Review Board has issued a letter of no objection in relation to the proposed sale of the Company's interests in Crosslands Resources Ltd ("Crosslands") and Oakajee Port & Rail ("OPR") to Mitsubishi Development Pty Ltd ("Mitsubishi") for $325 million ("FIRB Approval").
FIRB Approval was one of the conditions precedent of the proposed sale to Mitsubishi.
Documentation for a General Meeting of shareholders to be held in February 2012, including an independent experts report on the proposed transaction, will be mailed to shareholders in January.
ASX:MMX) (PINK:MUMTF) has been advised that the Foreign Investment Review Board has issued a letter of no objection in relation to the proposed sale of the Company's interests in Crosslands Resources Ltd ("Crosslands") and Oakajee Port & Rail ("OPR") to Mitsubishi Development Pty Ltd ("Mitsubishi") for $325 million ("FIRB Approval").FIRB Approval was one of the conditions precedent of the proposed sale to Mitsubishi.
Documentation for a General Meeting of shareholders to be held in February 2012, including an independent experts report on the proposed transaction, will be mailed to shareholders in January.
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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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