gbg is green today, page-13

Bloomberg sums it up:

Gindalbie Metals Is Top ASX 200 Performer on Oakajee Port Talks
By Elisabeth Behrmann and Shani Raja - Jun 27, 2011 5:41 PM GMT+1000 inShare0More
Gindalbie Metals Ltd. (GBG) was the top performer on Australias benchmark index after Murchison Metals Ltd. (MMX) said funding talks to build the A$4.3 billion ($4.5 billion) Oakajee port and rail project, which Gindalbie plans to use to export iron ore, are moving ahead.

Gindalbie rose 3 percent to 87 Australian cents at the 4:10 p.m. close of Sydney trading.

Murchison Metals today said it was advancing talks with investors, including Chinese-related groups, to help fund its share of the development. Gindalbie needs to use Oakajee to expand its Karara iron ore mine in Western Australia.

With Murchisons release, it indicates that Chinese parties may be interested in investing in Oakajee, which would be a positive to help get the projects development back on track, Todd Scott, analyst at Royal Bank of Scotland Plc, said by phone from Sydney.

A potential customer Sinosteel Midwest Corp., a unit of Sinosteel Corp., on June 23 suspended work on a A$2 billion iron ore project because of uncertainty about the timing of port and rail construction.

Gindalbies prospects are enhanced if Murchison can obtain assistance in developing the Oakajee port & rail project, Jamie Spiteri, a trader at Sydney-based Shaw Stockbroking Ltd., said in an e-mail.

Oakajee port, with a planned annual capacity of 45 million metric tons, is designed to open up Western Australias Midwest region for iron ore exports.

http://www.bloomberg.com/news/2011-06-27/gindalbie-metals-is-top-asx-200-performer-on-oakajee-port-talks.html