Murchison Metals (ASX:MMX) asked and was granted a trading halt from the Australian Stock Exchange today.

MMX stated it was in advanced talks on the possible sale of its Oakajee port and rail projects and also its entire stake in the Jack Hills iron-ore development in WA.

Materials Stock, Murchison said it hopes to make an announcement before the commencement of trading on Wednesday.

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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%.

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Murchison Metals (MMX) is an emerging iron ore and infrastructure group focused on Western Australia.

According to news reports, Murchison Metals (MMX) and Mitsubishi Corp have suffered a cost blowout at their Oakajee port and rail JV in WA.

The Australian said that capital costs at the project are estimated to have blown out to $6.7 billion, from $4.4 billion.

In response, MMX admitted that capital costs at Oakajee were likely to increase although estimates were indicative and subject to review.

MMX slumped 6.7% on the day, making it the worst performer on the stock market (ASX 200).

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