PERTH (miningweekly.com) - The shareholders of ASX-listed Murchison Metals on Monday voted overwhelmingly in favour of divesting of its stake in Crossland Resources and the Oakajee Port and Rail project.

At a shareholder's meeting on Monday, Murchison recorded an 86.95% vote in favour of the divestment, with only 1.07% of shareholders voting against.

In November, Japan’s Mitsubishi agreed to buy Murchison’s 50% stake in the joint venture for A$325-million in a move to rescue the two beleaguered projects in Western Australia.

The transaction was expected to deliver net cash proceeds of some A$217-million to Murchison shareholders.

Murchison has previously warned shareholders that proceeds from the sale of the projects could take up to six months to be divvied up, adding that the board would take the time to investigate other avenues of investing the funds.

With shareholder approval now obtained, Murchison’s divestment of the Crosslands Resources and Oakajee Port and Rail infrastructure project has now been declared free of conditions.

The transaction would likely be completed by February 20.

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