Padbury on the hunt for new Oakajee partner
PERTH (miningweekly.com) – ASX-listed Padbury Mining on Monday said that it was scouting China, the Middle East and Korea for a possible investment partner for the proposed Oakajee port and rail project, in Western Australia.
A $6.5-billion funding deal for the Oakajee port and rail project collapsed earlier this year, prompting Padbury shareholders to abandon ship and seeing an 84% decline in the company’s share price.
The company said on Monday that since the termination of the funding agreement, Padbury had seen a significant increase in interest from potential investors, most specifically from China and the Middle East and Korea.
Padbury said that Chinese interest in the project had been expressed through a company originally involved in the creation of the intellectual property which Padbury holds for the Oakajee project, and through an existing Midwest investor.
The Middle East interest comes from an investor looking for a long-term return, which has key interests in infrastructure projects.
Padbury aid that it remained committed to developing the Oakajee project, and would progress the possible joint venture discussions in meetings to be undertake later this month, and in early July.
The Oakajee development would enable the export of between 35-million and 45-million tonnes of iron-ore, 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.
The Midwest region is estimated to host some 50-billion tonnes of magnetite ore, of which 21-billion tonnes was compliant under the Joint Ore Reserves Committee reporting code. There are currently 21 companies with iron-ore interests in the region, as well as other commodities that could use the port and rail facilities.
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