Australia-based iron ore exploration company Murchison Metals (Murchison) has announced its financial results for the financial year 2011-12 ended June 30, 2012.
In FY2011-12, Murchison reported a net profit of A$2.3 million compared to a net loss of AU$16.6 million in the previous financial year. Its revenue amounted to A$7.3 million in the given period, up 111 percent year on year.
In the given financial year, Murchison has sold its interests in Oakajee Port and Rail Project and Crosslands Resources to Japan's Mitsubishi Corporation for cash consideration of $325million and its Rocklea iron ore project in Pilbara to Dragon Energy Ltd for A$3.2 million in cash.