The Foreign Investment Review Board’s given approval for Murchison Metals Limited's (ASX:MMX) proposed sale of its interests in Crosslands Resources Limited and Oakajee Port and Rail to Mitsubishi.
The deal, worth $325 million, was announced in November and is still subject to shareholder approval, which is expected to be given in February 2012.
Meanwhile the Western Australian government has confirmed the State Development Agreement for the Oakajee Port and Rail infrastructure project will remain in force until this weekend. Murchison says the amendments don’t impact the Mitsubishi sale.
In the 2011 financial year Murchison booked a net loss of $16.5 million.
MMX Price at posting:
44.0¢ Sentiment: None Disclosure: Held
