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Murchison Metals Limited (ASX:MMX) has trimmed its full year net loss to $16.6 million in the 2011 financial year.

The iron ore miner’s result was aided by a 38 per cent increase in sales revenue over a period that saw iron ore prices rise to up to $143 per tonne.

Perth-based Murchison says higher prices offset a 10 per cent reduction in sales volumes as a result of adverse weather conditions in the March quarter.

Over the year Murchison poured $70.2 million into projects, with its primary focus being feasibility studies for its $6 billion Oakajee Port & Rail Project and the Jack Hills expansion project. 

No final dividend has been declared.