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Market: ASX
Sector: Non Ferrous Metals
Epic: ASX:MMX
News: Latest news
Web Site: Murchison Metals
Other Articles: 04-02-200902-02-200907-01-2009

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Murchison Metals

Murchison Metals

Murchison Metals (ASX:MMX) is a 50% shareholder in Crosslands Resources Ltd, which is the owner of the Jack Hills iron ore project located in the mid-west region of Western Australia.  Mitsubishi Development Pty Ltd is the other 50% partner in Crosslands.  Mining commenced at Jack Hills in 2006.  Initial production from Jack Hills is for 1.5 million tonnes per annum, with a Feasibility Study for expansion underway.
Wednesday, January 07, 2009

Murchison Metal's Jack Hills iron continues to ship - despite economic conditions

by Andrew McCrea company news image

Murchison Metals (ASX:MMX) has provided an update on its business activities.

The company's 50% owned iron ore mining business, Crosslands Resources (the remaining 50% is owned by Mitsubishi Development Pty Ltd) has advised that regular iron ore shipments continued from the Jack Hills mine in Western Australia during the December quarter, despite the challenging market conditions affecting the iron ore industry.

In a statement, the company said, "this continuity of supply reflects the excellent relationships established with customers over the initial years of operation at Jack Hills and the high quality of Jack Hills’ ore."

A positive sign was the market evidence now that indicated, "Chinese ore stockpiles are falling and spot prices are showing some improvement from the lows reached in the first half of the December quarter." Crosslands continues to book forward sales with customers in Asia.

Murchison Executive Chairman Paul Kopejtka said Murchison was pleased with Crosslands’ performance in the current conditions.

“The continuity of shipments from Jack Hills is testament to the strong relationships established with customers since we began developing the Jack Hills project in 2006, and the benefits of having Mitsubishi as our partner,” he said.

“Whilst the current market is challenging, we remain confident in the successful long term development of our iron ore mining and infrastructure businesses in Western Australia.”

Murchison has approximately $160 million in cash and no debt. 

Comment

Murchison Metals appears to have further upside as events unfold in 2009. Its strong cash position and the quality of the Jack Hills product and Mitsubishi relationship provide a platform for future growth.

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