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Source: News Bites

Murchison Metals Ltd says Crosslands Resources Ltd, in which it holds a 50% interest, has maintained regular shipments in the December 2008 quarter despite steel companies making significant production cutbacks in response to the global economic crisis.

With Chinese stockpiles reducing and spot prices improving, the company is booking forward sales, although market volatility remains a risk.

Crosslands says it is continuing with technical and market development work on stage 2 of the Jack Hills iron ore project mine in Western Australia.

Mitsubishi Development Pty Ltd holds the other 50% of Crosslands.

Murchison executive chairman Paul Kopejtka said with $160 million in cash and no debt, Murchison was in an excellent position.