Murchison Metals (ASX: MMX), in a filing with the Australian Stock Exchange, said it will submit to shareholders the proposed sale of its interest in Crossland Resources and the Oakajee Port and Rail projects to Mitsubishi Development.

The stockholders would vote on the sale at the company's general meeting on Feb 13 at the City West Functions in West Perth.

Murchison's board of directors had recommended that shareholders approve the deal which is the best offer so far received by the mining company.

An independent expert, KPMG, have confirmed that the $325-million sale would be in the best interest of Murchison shareholders.

The report by KPMG estimated the value of Murchison's 50 per cent stake in the $6-billion Oakajee project between $93.3 million and $113.1 million.

"It is clear that the ownership, operational and pricing structure previously contemplated by Murchison and (Mitsubishi) for the OPR project in its feasibility study is unlikely to garner support from the foundation customers," the report said.

The KPMG report was included in Murchison's filing with the ASX.

Murchison decided to sell its stake to Mitsubishi after it admitted in November that it could not meet its funding obligation for the Oakajee project. If shareholders would reject the deal, Murchison must seek an extension of its bridge funding facility or secure alternative debt funding.

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