Murchison Metals
Murchison Metals news gets better - Oakajee Port
Murchison Metals (ASX:MMX) is close to finalising an agreement with the Western Australian government for development of a new deepwater port at Oakajee, north of Geraldton.
The Oakajee port initiative has been long awaited and would assist the mid-west's iron ore miners to export their product, as the nearby Geraldton Port has operated at full capacity for some time.
Murchison Metals Chairman Paul Kopejtka told the company's annual general meeting in Perth today, "this agreement will underpin the development of the Oakajee project. Premier Colin Barnett recently announced a policy decision under which the government itself wants to participate as an investor in common-user infrastructure at Oakajee.
"This is an outstanding gesture of commitment and far-sighted planning for long-term economic development in WA."
Oakajee Port - Revenue earner for Murchison Metals in own right
The Oakajee Port and related infrastructure would also be used by other emerging iron ore producers in the Midwest region and will become a valuable earner for Murchison Metals, as it would charge third parties fees to use its infrastructure. Murchison Metals reported NPAT of $55.63m for the year ended 30 June 2008. Revenue from ordinary activities were $7.4m.
This week, South Korean steel-making giant POSCO increased its stake in Murchison from 9.7 per cent to 12.26 per cent.