Oakajee funding deal axed
PERTH (miningweekly.com) – ASX-listed Padbury Mining has terminated the multibillion-dollar deal to finance the Oakajee port and rail project, in Western Australia.
In early April, Padbury breathed new life into the proposed infrastructure project, when it announced that private Australian equity investors would provide about $6.5-billion in funding to build the Oakajee port and rail project. At the time, the company did not disclose the name of the investor, and instead suspended share trade as stock prices increased.
It was subsequently revealed that the source of the funding was Sydney entrepreneur Roland Frank Bleyer, through Alliance Super Holdings and its parent company Superkite.
However, the company has been hesitant to release details around the funding arrangement.
The ASX and the Australian Securities and Investment Commission have launched investigations into the transaction, with both parties calling for further documentation on the deal.
Padbury said in a statement this week that a deed of termination had now been signed, releasing Padbury, Superkite and Alliance Super Holdings from the proposed transaction, without giving a reason for the termination.
The ASX-listed miner said that it would continue to actively explore all available options to exploit its existing intellectual property with respect to the Oakajee project.
Padbury’s plans for Oakajee would see the development of a 35-million- to 45-million-tonne-a-year iron-ore export facility, using cape-sized vessels with up to 240 000 t capacity. It was expected that yearly exports could be increased to over 100-million tonnes over time.
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