Padbury's port plan put back in the box
A perplexing attempt to secure a major project seems to have fallen through, with Padbury Mining calling off its plan.
The mining firm had been trying to arrange over $6 billion to fund the construction of the Oakajee port and rail project in WA.
Padbury initially said it had the backing, but would not say where the money came from.
There was much back-and-forth over whether the money actually existed and if so, who it was coming from.
This made stock market authorities nervous, and caused them to demand more details.
It was then revealed that the funds would be provided through a deal brokered by Sydney businessman Roland Bleyer, bringing in Alliance Super Holdings and Superkite to pay for the project.
But in a statement lodged to the ASX, Padbury says the companies involved have now signed a deed of termination and release, confirming that the deal is dead.
“Padbury will continue to actively explore all available opportunities to exploit its existing intellectual property with respect to the Oakajee project,” the company said.
Mr Bleyer last week told News Corp media outlet The Australian that he wanted to spur investment in Western Australia.
“The Western Australian government is not building the infrastructure — it can’t afford to,” he told the paper.
“So it’s being done privately between Australian companies and one Australian company that’s part of a global network.”
The recent word was foreshadowed by WA Premier Colin Barnett, who told reporters leading up to the decision that he thinks “there is little substance behind Padbury”.