Murchison Metals (ASX:MMX) shares have jumped over 10% this morning. At 11am shares were trading at $1.45 - up $0.13 on yesterday's close.
Murchison Metals shares have languished since reaching a 52 week high of $3.12 in mid April, reaching as low as $1.12 in December. But the market has reacted warmly to the company's latest activity report including the Federal Court's decision to uphold Murchison's position of the Jack Hills Iron Ore Project. In September 2010 Murchison Metals denied rumours that its major partner Mitsubishi was intending to withdraw or dilute its involvement in the project.
Murchison Metals Limited (“Murchison”) is an Australian ASX listed company. Murchison is included in the S&P/ASX 200 Index.
Murchison is a 50% shareholder in Crosslands Resources Ltd (“Crosslands”) which is the owner of the Jack Hills iron ore project located in the mid-west region of Western Australia. The remaining 50% of Crosslands is held by Mitsubishi Development Pty Ltd (“Mitsubishi”), a subsidiary of Mitsubishi Corporation, Japan’s largest general trading company.
Murchison also has a 50% economic interest in an independent infrastructure business, Oakajee Port and Rail (“OPR”). OPR was established to construct new port and rail infrastructure to provide logistics services to miners (including Crosslands) and other potential customers in the mid-west region of WA. The remaining 50% economic interest in OPR is held by Mitsubishi.
Further details of the activities of Crosslands and OPR in the December quarter appear below. In addition to its investments in Crosslands and OPR, Murchison owns the Rocklea iron ore project located in the Pilbara.