Murchison Metals (ASX: MMX) has confirmed that mining operations at Crosslands Resources’ Jack Hills iron ore mine will cease in late December 2011, which is in accordance with the five year Stage 1 mine plan.
The final shipment of direct shipping ore lump and fines from the Jack Hills Stage 1 project is scheduled to occur in February 2012, and the mine will be placed on care and maintenance while Crosslands progresses planning for the Jack Hills Expansion Project.
The planned cessation of Stage 1 operations does not impact the proposed sale of Murchison’s interests in Crosslands and Oakajee Port & Rail to Mitsubishi which was announced last week.
Murchison A$325m sale of Crosslands Resources and OPR
Murchison surprised the market last week by selling its stake in Crosslands and OPR for A$325 million to Mitsubishi Corporation.
The deal has an implied value of A$0.51 per share, an 85% premium to Murchison’s last closing price before the announcement of A$0.275. Shareholders will vote on the deal in February 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/22770/murchison-metals-crosslands-resources-operations-to-cease-in-late-2011-in-line-with-plan-22770.html
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