Padbury Mining Secures $6.5 Bln Port Funding

Posted by Greg Trauthwein
Thursday, April 10, 2014
Source: Padbury Mining
Australia's Padbury Mining Ltd said it had secured almost $6.5 billion in funding to build a new deepwater port and railway at Oakajee in Western Australia, potentially opening a new export hub for the region's iron ore riches.
 
Plans for a port at Oakajee in Western Australia's Midwest region have been in the works under various companies for decades but have so far failed to get off the ground due to volatility in commodity markets and difficulty securing the massive investment needed.
 
"The project has had a thirty year gestation period and it is a game changer for both Western Australia and the Midwest iron ore industry," Padbury said in a statement on Friday.
 
Shares in Padbury surged more than 150 percent at one point on news of the funding, which is being provided by Australian equity investors in three tranches.
 
Padbury said it had been working closely with major Korean engineering firms about the construction phase of the project, which has a $6 billion budget, but did not give a timeline.
 
"The Australia-Korea Free Trade Agreement recently signed by the Prime Minister, has opened the door to greater investment and trade opportunities being created between Korean and Australian companies," Padbury said.
 
Australia and South Korea formally signed a free trade agreement earlier this week.
 
A new port at Oakajee, near Geraldton, would be a small step to breaking the dominance of the iron-rich Pilbara district to the north, where iron ore heavyweights BHP Billiton, Rio Tinto and Fortescue Metals ship hundreds of millions of tonnes each year.
 
"The project will enable a significant number of iron ore projects to move forward into production as well as providing existing producers with the ability to increase their production" Padbury said.
 
Gindalbie Metals sees the port at Oakajee assisting it in its long-term expansion plans in the midwest area.
 
Padbury would retain a 36 percent stake in the subsidiary developing the project, with the new unnamed equity investors holding the remaining 64 percent.
 
Padbury has the right to claw back its shareholding to 49 percent once the private investment has been returned.
 
Its shares last traded up 85 percent at 3.7 Australian cents, valuing the company at about A$125 million.
 
(Reporting By Lincoln Feast; Editing by Paul Tait)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Maersk Line Reroutes Asia

US East Coast service through the Panama Canal to improve transit times significantly!   Maersk Line will transform its TP12 service in to a standalone, around-the-world

Safe Bulkers to Amend Loan Pact with RBS

Safe Bulkers, Inc., an international provider of marine drybulk transportation services,  has agreed with the Royal Bank of Scotland plc (RBS) to amend certain

Baltic Index Falls for Third Straight Day

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the third straight day on Thursday due to weaker rates for larger vessels.

Ports

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Insurance

ABS Advisory Solutions Integrate ERM

ABS Group anticipated the update to Circular A-123 from the United States (US) Office of Management and Budget (OMB) requiring US executive departments and agencies

Verweij Hoebee Groep Extends Service Portfolio with Management Audits

Verweij Hoebee Groep has expanded its service portfolio with the introduction of management audits of ship owners.   This unique prevention concept goes beyond

BP Puts Tab for Gulf Disaster at $62 Bln

BP announced today that following significant progress in resolving outstanding claims arising from the 2010 Deepwater Horizon accident and oil spill, it can now

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0865 sec (12 req/sec)