Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed Padbury Mining has revealed the source of its $6.5-billion funding to build the Oakajee port and rail project, but its shares remained in suspension.
Earlier this month, Padbury announced that private Australian equity investors would provide the funding, but the miner failed to disclose the name of the investor, and instead suspended share trade as stock prices increased.
On Wednesday, Padbury confirmed that Sydney entrepreneur Roland Frank Bleyer was the source of the funding, through Alliance Super Holdings and its parent company Superkite.
Superkite is wholly owned by Kirep, which is controlled by Bleyer.
Padbury told shareholders that its shares would remain suspended until April 24, at which point the company was expected to reveal details around the funding transaction.
The West Australian reported that the funding offer would include the requirement for Padbury to find 20% of the project funding from other sources, but the company did not address this claim.