Murchison Metals Ltd (ASX:MMX) says the first iron ore from the Oakajee export project won’t be delivered until 2015 because of cost blowouts.
The project will also reduce its initial capacity from 45 million tonnes to 42 million tonnes a year.
Murchison says the 50-50 Crosslands joint venture had still not signed off on the report, and a final investment decision is expected for the first three months of 2012.
The Jack Hills iron ore project, also a joint venture between Murchison and Mitsubishi, would cost a further $3.7billion to develop.
Murchison Metals Ltd (ASX:MMX) reported a profit of $3.3 million in the last six months of 2010.
