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Responding to media reports, Murchison Metals Ltd (ASX:MMX) has denied that its joint venture partner Mitsubishi Development Pty Ltd is planning to exit its agreement to construct the $4 billion Oakajee iron ore port in Western Australia.
Both companies jointly own Crosslands, developer of the Jack Hills Expansion Project and Oakajee Port and Rail, developer of the mid-west port and rail infrastructure.
$370 million has already been invested and Murchison says both companies will continue to invest in the period leading up to a final investment decision.
Murchison says it firmly believes the existing structures and joint venture agreements will deliver high quality efficient port and rail infrastructure for miners in the mid-west.
Murchison Metals posted a loss of $21.6 million in the twelve months to 30 June 2010.