This is good news in regards to Rail and port for the old GBG.
Midwest Corp welcomes Chinese Infrastructure Investment Midwest Corporation Limited (Midwest) welcomes today’s announcement by Yilgarn Infrastructure (attached) that it has negotiated the A$750 million equity required for the development of rail and port infrastructure in the mid west region of Western Australia. Midwest and Yilgarn are parties to an Implementation Agreement to work together to progress the development of the port and rail infrastructure. The raising of the equity through five of China’s biggest and most successful companies, including our joint venture partner Sinosteel Corporation, is most encouraging for the emerging iron ore industry in the area. “It signals the strategic interest of major Chinese companies in iron ore in W.A. and the growing co-operation between Chinese and Australian companies. Today’s announcement also confirms China’s appetite for investment opportunities in W.A.”, commented Mr Bryan Oliver, chief executive of Midwest. The company is delighted to be associated with a group of this calibre which has the capacity to expedite the infrastructure required to capitalise on the massive opportunities in the iron ore industry in the region.
GBG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held