Japan’s Mitsubishi Corp has agreed to buy its partner Murchison Metals’ stakes in an iron ore development and a port and rail project in Western Australia for A$325 million ($315 million), rescuing the two projects delayed by escalating costs.
Murchison is selling its 50 percent stake in Crosslands Resources, the owner of the Jack Hills iron ore project, and its 50 percent stake in the troubled Oakajee port and rail project. The company said the deal values the stakes at A$0.51 a share, an 85 percent premium to Murchison’s last trade.
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