Murchison continues talks on W Australia iron ore, port stakes Tue Nov 22, 2011 11:03pm GMT Print | Single Page [-] Text [+] MELBOURNE Nov 23 (Reuters) - Murchison Metals needs more time to complete talks on the sale of its stakes in a multibillion dollar iron ore project and deepwater port and rail project in Western Australia, it said on Wednesday, as it extended a trading halt on its shares.
"The suspension is sought to enable the company to continue confidentail and incomplete discussions in relation to the potential sale of all of the company's interest in Crosslands Resources Ltd, the owner of the Jack Hills iron ore project, and the Oakajee Port and Rail project," it said.
Analysts have said they expect Murchison's partner in the projects, Japan's Mitsubishi Corp, to buy out Murchison and then sell stakes to new partners, looking to cut its exposure to the projects to less than 400 billion yen ($5.2 billion).
(Reporting by Sonali Paul)
MMX Price at posting:
27.5¢ Sentiment: Hold Disclosure: Held
