Dow Jones reported that iron ore shipped by Murchison Metals Ltd 50-50 Crosslands joint venture with Mitsubishi Corp fell 16.7% on the quarter in the three months to the end of September with the JV shipping 357,831 tonnes during the period.
The company cash, liquid investments and undrawn debt facilities also fell 28% to AUD 58.7 million giving it around nine months' worth of remaining cash at current burn rates.
The miner said that its cash costs during the quarter were USD 135 per tonne while its average realised selling price was USD 159 per tonne.
Murchison announced ambitious plans in 2008 to build an iron ore mine and export infrastructure in Western Australia Mid West region in joint venture with Mitsubishi, but the poorer-than-expected quality of the ore body and problems with major infrastructure customers have seen the mine and Oakajee infrastructure project languish, driving Murchison shares down 90% since April.
(Sourced from Dow Jones)