Shares in Murchison Metals Limited (ASX:MMX) jumped more than to 60 per cent this morning after exiting a trading halt and announcing it has agreed to sell its stake in the $6 billion Oakajee Port and Rail project and Crosslands Resources.
Murchison has inked a deal to sell its 50 per cent interest in the iron ore-related projects to its joint venture partner, Japan’s Mitsubishi Development Pty Ltd, for $325 million.
Once the sale is finalised Murchison says it will have no ongoing exposure to project development or the requirement to continue funding the development of the projects.
The deal is subject to some conditions and will be put to a shareholder vote in February 2012, subject to no better offer emerging.
In the 2011 financial year Murchison booked a net loss of $16.5 million.
