Murchison shareholders approve Mitsubishi transaction

The Australian iron ore exploration company Murchison Metals Ltd (Murchison) has announced that the proposed sale 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), has been approved in the general meeting of shareholders held on Monday, February 13.
 
Murchison stated that the conditions in the sale agreement have been satisfied or waived by Mitsubishi.  While the port contract has been renewed with Landcorp, the contract with Geraldton Port has been waived.
 
Murchison expects the transaction to be completed on February 20, 2012.