Murchison Metals Limited - Welcomes POSCO As Biggest Shareholder
16.07.2010 | ABN Newswire
12:26 AEST July 16, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (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.
About Murchison Metals Limited:
Murchison is an Australian ASX-listed company and is included in the S&P/ASX 200 Index.
Murchison is a 50% shareholder in Crosslands Resources Ltd ('Crosslands') 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.
The Stage 1 Jack Hills project is currently producing up to 1.8 Mt of high grade iron ore per annum. Feasibility studies for a major Stage 2 expansion are well advanced.
In addition, Murchison has a 50% economic interest in independent infrastructure business, Oakajee Port and Rail (OPR). The remaining 50% economic interest in OPR is held by Mitsubishi. OPR's integrated port and rail development proposal will provide world class logistics services to miners (including Crosslands) and other potential customers in the mid-west region of WA.
In addition to its investments in Crosslands and OPR, Murchison is actively exploring growth opportunities in iron ore, coal and manganese in accordance with its approved corporate strategy.
Contact:
Trevor Matthews
Managing Director
Murchison Metals Ltd
Tel: +61-8-9492-2600
www.mml.net.au