The Australian iron ore exploration company Murchison Metals Ltd (Murchison) has announced that Australia's Foreign Investment Review Board (FIRB) has approved the proposed sale of Murchison's interests in Crosslands Resources Ltd (Crosslands) and Oakajee Port & Rail (OPR) to Mitsubishi Development Pty Ltd, a subsidiary of Japan's Mitsubishi Corporation (Mitsubishi).
Apart from the FIRB approval, the sale proposal is still subject to the shareholders' approval. The sales transaction is scheduled to be completed in March 2012.
Murchison also stated that the Western Australian government has approved the extension of the state development agreement for the infrastructure project for OPR beyond December 31, 2011.