Mitsubishi's effective standstill at Oakajee dealt a painful blow to the miners who were relying on the port and rail project to open up WA's Mid-West, but now a handful of affected companies are teaming up to take matters into their own hands – perhaps with the help of China. Elsewhere, Lynas raises some much-needed capital via a share sale, while MYOB's private equity owner may reduce its stake. And will Kim Williams return to Foxtel?
Cashmere Iron, Ferrowest, Gindalbie Metals, Golden West Resources, Padbury Mining, Sinosteel Midwest Corporation
A slew of Australian miners operating in Western Australia's Mid-West are said to have come together to hammer out an infrastructure plan to rival Mitsubishi's Oakajee port and rail project, which the Japanese developer has slowed to an effective halt.
Padbury Mining chief Gary Stokes tells The Australian the plan B had been in quiet development for months, but would be pursued more seriously after Mitsubishi fired most of its Oakajee staff last week as Chinese funding talks broke down. In Stokes' opinion, Oakajee is "dead".
Rival schemers are said to include Sinosteel Midwest Corporation, Gindalbie Metals, Cashmere Iron, Ferrowest, Golden West Resources and Padbury – the one notable exception from the region is Crosslands Resources, which is owned by Mitsubishi. Those involved have the same aim as the Japanese group did: to open up WA's next iron ore province for exports.
Stokes says most players have already lined up Chinese backers, whose funding will be critical. But ownership of the scheme would remain in Australian hands, with local superannuation funds and other long-term investors expected to take a 51 per cent stake.
It should be noted that Sinosteel and Gindalbie have distanced themselves from Stokes' comments, suggesting the plan is still in its very early stages. So don't expect any multi-billion-dollar announcements
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