Murchison posts AU$3.3 million interim net profit for H2 2010

The Australian iron ore exploration company Murchison Metals Ltd (Murchison) has said that its interim net profit for the half year ended  December 31, 2010 increased to AU$3.3 million compared with a net loss of AU$20.3 million in the corresponding period of 2009.
 
Accordingly, the encouraging interim profit result reflects higher iron ore prices and continuing strong cashflow from the Jack Hills Stage 1 iron ore mine in the mid-west region of Western Australia owned and operated by Crosslands Resources Ltd (Crosslands), which is a 50-50 joint venture of Murchison with Mitsubishi Development (Mitsubishi), a subsidiary of Mitsubishi Corporation of Japan.
 
To date, more than AU$370 million has been invested by Murchison and Mitsubishi in advancing the Jack Hills and Oakajee Port and Rail (OPR) project for terrestrial iron ore port development and associated rail infrastructure in the state's mid-west region.