Padbury Mining Ltd News

Shares in Australia's Padbury Mining Ltd plunged as trading in the stock resumed after its plans for a deal to build a $6.5 billion iron ore port and rail network collapsed within a month of being announced. Padbury, a small explorer, surprised markets on April 11 when it said it had lined up more than $6 billion in funding from unnamed investors to build an iron ore port and rail line in Western Australia, a project that had been stuck on the drawing board for two decades. Padbury's announcement triggered a spike in its shares and the Australian Securities Exchange slammed a halt on trading until the company provided more details on the deal.

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.