Mitsubishi Corporation announced that its wholly owned subsidiary, Mitsubishi Development Pty Ltd and Murchison Metals Ltd have executed a Share and Asset Purchase Agreement for the acquisition of Murchison's interests in Crosslands Resources Ltd which is the owner of the Jack Hills iron ore deposit, and in the associated rail and port infrastructure project in the Mid West region of Western Australia for cash consideration of AUD 325 million.

MDP and Murchison are each 50% shareholders in Crosslands and each has an effective 50% economic interest in OPR.

Highlights of the Transaction include
1. MDP to acquire Murchison's interests in Crosslands and Oakajee Port and Rail for cash consideration of AUD 325 million
2. Transaction paves the way for near term development of the Projects and the broader Mid West region
3. Transaction has the support of the Murchison Board
4. Transaction demonstrates MDP's ongoing confidence in the Mid West region

Details of Transaction/Schedule

MDP and Murchison have agreed that MDP will, subject to satisfaction of certain conditions precedent, acquire all of Murchison's interests in the Projects for cash consideration of AUD 325 million. Completion of the Transaction will remove MDP's obligation to pay a residual contribution to Crosslands due under the existing arrangements with Murchison made in June 2007.

The acquisition of Murchison's interests in the Projects will require approval by ordinary resolution of Murchison's shareholders at an Extraordinary General Meeting. It is currently expected that the Extraordinary General Meeting will be held by February 15th 2012, with completion of the Transaction expected by March 31st 2012.