Murchison posts net loss for H1 FY 2011-12

Australia-based iron ore exploration company Murchison Metals (Murchison) has announced its financial results for the first half (ended December 31, 2011) of the financial year 2011-2012, posting a net loss for the period.
 
In the first six months of the current financial year, Murchison reported a net loss of A$50.7 million compared to a net profit of AU$3.32 million in the corresponding period of the previous financial year.
 
Murchison stated that following the completion of the sale of its stake in Oakajee Port and Rail Project and Crosslands Resources to Mitsubishi on February 20, 2012, it has started to work on an application to the Australian Taxation Office for a ruling enabling the company to distribute the net cash proceeds from the Mitsubishi transaction to shareholders as a return of capital.
 
Murchison is also reviewing options to divest its other assets including the Rocklea iron ore Project located in the Pilbara region of Western Australia.