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Freehills and Corrs drive Mitsubishi deal

Freehills and Corrs Chambers Westgarth are advising Murchison Metals Ltd on the $325 million sale of its Crosslands Resources Ltd and Oakajee Port and Rail projects.Murchison Metals (Murchison),…

user iconLawyers Weekly • 01 December 2011 • Big Law
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Freehills and Corrs Chambers Westgarth are advising Murchison Metals Ltd on the $325 million sale of its Crosslands Resources Ltd and Oakajee Port and Rail projects.

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Murchison Metals (Murchison), an Australian ASX-listed company, holds a 50 per cent interest in Crosslands, the owner of the Jack Hills iron ore project, and a 50 per cent economic interest in the Oakajee port and rail joint ventures (OPR).

Freehills and Corrs advised on Murchison's conditional sale agreement with Mitsubishi Development Pty Ltd in relation to all of those interests.

The Corrs team was led by partner Russell Philip, with assistance from senior associate Louis Martin and lawyer James Nicholls.

Crosslands is developing the Jack Hills iron ore expansion project in the mid-west region of Western Australia. The OPR project involves construction of new port and rail infrastructure to service miners in the mid-west region.

Mitsubishi Development Pty Ltd, a wholly-owned subsidiary of Mitsubishi Corporation, holds the remaining interests in Crosslands and OPR. Together, these projects have a combined estimated capital cost of approximately $10 billion.

The deal is subject to a limited number of conditions, including FIRB approval and the approval of Murchison shareholders.

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