The Australian
iron ore exploration company Murchison Metals Ltd (Murchison) has announced that it completed the sales transaction of Murchison's interests in Australian
mining company Crosslands Resources and Oakajee Port & Rail to Mitsubishi Development Pty, a subsidiary of
Japan's Mitsubishi Corporation (Mitsubishi) on Monday, February 20.
Murchison will pay A$20 million to
Australia's Chameleon
Mining NL (Chameleon) as it promised to do subject to and conditional on the completion of the Mitsubishi transaction.
In a separate statement, Murchison announced that it expects the Federal Court of
Australia to submit its decision regarding the litigation process commenced by Chameleon. Murchison previously announced that the litigation between Murchison, Crosslands and Chameleon had been settled. Murchison stated that, consequently, the court decision in relation to the issues in dispute between Murchison, Crosslands and Chameleon has no commercial impact on Murchison or Crosslands.