Mr Greg Martin MD of Murchison said that South Korea's POSCO unanimously supports a move by Japan's Mitsubishi Corp to buy Murchison Metals' stakes in Crosslands Resources and the related Oakajee port and rail project in Australia for AUD 325 million (USD 315 million).

Murchison, selling out due to trouble raising its share of the funding for the project, estimated to cost AUD 5.9 billion in total, needs approval from its shareholders, including POSCO, for the sale to go through.

The Oakajee project was designed to open a second major iron ore province in Australia to challenge the dominance of global giants Rio Tinto and BHP Billiton.

(Sourced from Reuters)