Board control at Murchison Metals is set to pass to corporate raider Sir Ron Brierley's Mercantile Investment Company, after the incumbenet chairman and managing director said all parties agreed on
Murchison Metals has narrowed its full year net loss after stronger iron ore prices boosted sales revenue, and has scaled back activities at its troubled Oakajee port project in the Mid West.
Murchison Metals says its decision to withhold from investors a capital cost estimate for its Oakajee port and rail project was justified, because any final costing of the project was "premature and should not be relied on by shareholders".
Murchison Metals has dismissed reports that joint venture partner Mitsubishi Development wants to pull out of building the $4 billion Oakajee iron ore port and moved to address concerns about the structuring of the project.
The stock price of Murchison Metals climbed this morning after announcing an upgrade for its 50 per cent-owned Jack Hills project to three billion tonnes with work underway exploring further potential at the site.
The second legal showdown between Murchison Metals and Chameleon Mining is due to start tomorrow over key Mid West iron ore tenements valued at up to $1.5 billion.
Another legal showdown is looming between Murchison Metals and Sydney-based Chameleon Mining, which is claiming it is entitled to half of the the iron ore miner's Jack Hills tenements, valued at $1.5 billion.
Acceptance of Sinosteel Corporation's takeover offer for Midwest Corporation has kept Murchison Metals' net profit after tax in the black at $17.5 million.
It was a mixed December quarter for iron ore miners Murchison Metals and Mount Gibson Iron, as demand for the commodity lowered one miner's shipments but raised the other.
Murchison Metals has disclosed that the state government is requiring it to include Chinese suppliers in its $1.5 billion Oakajee port and rail infrastructure project.
Sinosteel Corporation's appetite for the Mid West region has been capped by the federal government, which granted the Chinese steelmaker up to a 49.9 per cent interest in Murchison Metals Ltd.
West Perth-based iron ore miner Murchison Metals Ltd has acquired two tenements from Austral Gold Ltd and Joytell Pty Ltd, to be known as the Rocklea Project, in the Pilbara iron ore region for a total cash consideration of $9 million.
Shares in takeover target Midwest Corporation Ltd rocketed 12 per cent higher today after the company disclosed that it was in discussions with "parties interested in pursuing corporate transactions".
MURCHISON United's bid to acquire significant copper assets has fallen foul of regulations on the London Alternative Invest-ment Market, where the company is dual-listed.
