Murchison slumps on concerns over iron-ore port

Australian iron ore miner Murchison Metals (ASX:MMX) reported a halt to trading in its shares on Monday after the stock plunged 12 percent on a media report that its Oakajee port and rail project was in doubt.

The press release is quoted as saying:

Murchison Metals said it was preparing a statement for the market, but it made no mention to the newspaper report. The Australian newspaper on Saturday cited speculation that Japan’s Mitsubishi Corp (8058.T) could pull out of a mining joint venture with Murchison, which in turn could lead Mitsubishi to also abandon its partnership in the $4.2 billion port project.

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