Iron ore miner Murchison Metals Ltd
(ASX:MMX) says it’s 50 per cent owned Crosslands Resources mined 518,473 tonnes of ore in the September quarter compared to 458,961 tonnes in the June quarter at the Jack Hills Project.
Nine shipments were made in the quarter with a record four shipments in August, with an increase of 16 per cent in total the volume of ore shipped compared to the previous quarter.
Murchison says as at September 30 it is debt free and has cash and liquid investments of $108 million, a decrease of $17.4 million from the previous quarter.
During the quarter Murchison says work continued on feasibility studies for both Crosslands’ mine expansion and the company’s 50 per cent owned Oakajee Port and Rail’s port and rail project, expected to be completed in 2010.
The company also settled legal proceedings brought against the company by former directors of Chameleon Mining, David Evans and SH Koh, concerning an agreement made between the two companies before the current Murchison board regarding a 5 per cent stake in the Jack Hills project.
Murchison Metals posted a profit in 2008 after losses the four years previous.
