Cashed-up corporate shell Murchison Metals has reshuffled its board in the wake of the one-time iron ore miner’s sale of assets to Japan’s Mitsubishi.

Murchison shares were up one cent, or 2.11 per cent, at 48.5 cents at 1456 AEDT, a level not seen since late September before the company posted its second consecutive full year net loss.

The company last month finalised the sale of its assets to joint venture partner Mitsubishi for $325 million.

The deal gave the Japanese trading giant full ownership of the troubled $6 billion Oakajee port project in Western Australia’s Mid West region and was undertaken because Murchison did not have enough cash to fund its share of the planned development.

Murchison’s non-executive directors James McClements, Samantha Tough, Peter Wasow, Sun Moon Woo and Rod Baxter have stepped down from the board, the company said in a statement on Thursday.

Ian Burvill, who most recently worked for Murchison’s financiers Resource Capital Funds, has been appointed to the board.

Also joining the Murchison board is Soocheol Shin, who was was recently appointed as managing director of POSCO Australia.

POSCO is Murchison’s largest shareholder.

Recent media reports suggest China’s Sinosteel or Baoshan Iron & Steel may be brought in by Mitsubishi as new joint venture partners in Oakajee.