Today Murchinson Metals discarded the rumor that Mitsubishi will no more be there in the Oakajee joint venture. It saw a decline of twelve percent in its shares.  

According to Murchinson they did not find any reason for Mitsubishi to walk away from the fifty- fifty and under the project iron ore will be exported from the year of 2014. 

The miner company which is expecting to export iron ore from its running project of Jack Hills through the port of Oakajee stated that auxiliary of Mitsubishi called Mitsubishi Development had already invested in the tune of two hundred and eighty million dollars on the projects and can be expected to pay up for the residual amount in 2011 for the firm’s fifty percent interest. 

Murchinson did not find any substance suggesting that Mitsubishi has intentions of withdrawing from the mining JV as stated by Murchinson in a release meant for the Australian Securities Exchange. 

Murchinson further stated that the firm didn’t find any evidence that suggested that the Premiere of Western Australia is withdrawing support from the project.

The firm went on to say that it would provide the market with study schedules as well as bankable feasibility in the month of October. 

Murchinson stopped trading its stocks today as the stocks went down by fifteen percent and the Australia Stock Exchange has asked the company to give an explanation for the debacle. 

In the later part of today’s afternoon the stocks of Murchinson recovered somewhat and traded down by nine percent. It lost seventeen cents reaching one dollar sixty five cents from a low of one dollar fifty one cents.