Perth, Feb 13, 2012 (ABN Newswire) - Murchison Metals Limited (ASX:MMX) (PINK:MUMTF) advises that the conditions precedent to the Mitsubishi (TYO:8058) transaction ("Transaction") requiring the State of Western Australia to agree to assign the Oakajee State Development Agreement ("SDA") to Mitsubishi Development Pty Ltd, and the novation of two port related contracts (with Landcorp and the Geraldton Port Authority) have been satisfied (in the case of the SDA and Landcorp contract), or waived by Mitsubishi (in the case of the Geraldton Port Authority contract).
A General Meeting of shareholders of Murchison to consider the Transaction will be held at 10am WST today. If shareholders approve the Transaction, Murchison expects to proceed to completion of the Transaction on 20 February 2012.
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.
ASX:MMX) (
Mitsubishi Corporation
){kind=link}