Murchison announces extension of development deal for Oakajee project

The Australian iron ore exploration company Murchison Metals Ltd (Murchison) has announced that the government of Western Australia and the Oakajee Port and Rail (OPR) joint venture participants have completed documentation for the extension of the State Development Agreement (SDA) for the Oakajee port and rail infrastructure project.
 
As previously announced, the date specified in the SDA for completing detailed implementation agreements for the infrastructure project has been extended from March 31, 2011 to  December 31, 2011.
 
The Oakajee infrastructure project involves construction of a multi-user deepwater iron ore port with an initial capacity of 45 million mt per annum at the greenfield Oakajee site, 25 km north of Geraldton, and associated heavy haulage rail infrastructure serving the mid-west region of Western Australia.
 
Murchison and its partner in the Oakajee project, Mitsubishi Development (Mitsubishi), a subsidiary of Mitsubishi Corporation of Japan, each hold a 50 percent economic interest in OPR.