Mitsubishi Corporation

Press Room

February 20, 2012

MDP completes acquisition of Murchison’s interests in Crosslands and Oakajee Port and Rail

Mitsubishi Corporation (TSE 8058; LSE MBC, “MC") has today announced that its wholly owned subsidiary, Mitsubishi Development Pty Ltd (“MDP”) has completed the previously announced acquisition of Murchison Metals Ltd (“Murchison”)’s interests in Crosslands Resources Ltd (“Crosslands), which is the owner of the Jack Hills iron ore deposit, and in the associated rail and port infrastructure project in the Mid West region of Western Australia (“Oakajee Port and Rail” or “OPR”) (together with Crosslands, the “Project”) .
 
The target shares and assets are Murchison’s 50% shares in Crosslands and 50% economic interests in OPR.
 
Following completion of the transaction, MDP will support Crosslands and OPR in recommencing key activities, including finalization of feasibility studies and obtaining necessary approvals for the Projects. When appropriate and in due course, MDP intends to introduce a suitably capitalized partner(s) or investor(s) to take up the interests acquired through the transaction. The introduction of such partner(s) will assist funding of the Projects and re-engagement with OPR Foundation Customers.
 
About MDP
Mitsubishi Development Pty Ltd (“MDP”)is a wholly owned subsidiary of Japan’s largest general trading company, Mitsubishi Corporation, which is listed on the Tokyo, Osaka, Nagoya and London Stock Exchanges. MDP was established in 1968 and now has offices in Sydney, Brisbane, and Perth.
MDP is engaged in resource equity management with a focus on iron ore, metallurgical coal, thermal coal and uranium investments in Australia. MDP also provides specialist resources services to Mitsubishi Corporation’s Metals Group in respect of its global resources business development activities and investment portfolio.

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