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Murchison slips

SHARES in Murchison Metals have fallen to their lowest level in almost three years after the iron ore miner scaled back its troubled Oakajee port project in Western Australia.

SHARES in Murchison Metals have fallen to their lowest level in almost three years after the iron ore miner scaled back its troubled Oakajee port project in Western Australia.

The company yesterday reported a net loss for the 12 months to June 30 of $16.6 million compared with a net loss of $21.6 million for the previous financial year, thanks to stronger iron ore prices.

Shares in Murchison closed down 2.5?, or 4.59 per cent, at 52?. Sales revenue was up 38 per cent at $228 million after iron ore prices increased from $94 a tonne in 2009-10 to $143 a tonne. Murchison says it does not have enough money to fund its share of the $6 billion Oakajee port project.


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