Mining Shares News Murchison Metals (MMX)
5th Jul 2011
Murchison Metals (ASX:MMX) is an emerging iron ore and infrastructure group focused on Western Australia.
The group boasts a strategic alliance with Mitsubishi Development, which aids MMX’s balance sheet by making substantial equity payments plus debt support.
MMX’s boasts world class businesses, including a 50% shareholding in Crosslands Resources, a 50% stake in Oakajee Port & Rail, and 100% ownership of the Rocklea Iron Ore Project.
The group’s three major projects – all located in Western Australia – are the Rocklea, Jack Hills and Oakajee prospects.
In addition to these investments, MMX is actively exploring growth opportunities in iron ore, coal and manganese.
Cost blowout and delay
MMX yesterday announced that costs at its Oakajee iron ore export project have increased by more than a third to $5.94 billion.
Murchison Metals jointly manages the project with Japan’s Mitsubishi Corp. First ore from the project won’t be delivered until 2015.
The company’s shares finished the day down 2%. Following broker downgrades, MMX extended these losses today finishing the day down 23%.
Get daily Mining Shares Advice
Written by: admin
Other posts from: admin
Posted in ASX Small Caps, Australia Shares, Financial News, Market Sectors News, Materials Stocks, Mining Shares Australia, S&P ASX News, Stocks Investing Advice
