wig is off pdy $6bn man, page-59

UPDATE 1.25pm: Padbury Mining has again failed to make good on promises to reveal the identity of the financial backer providing the $US6.5 billion needed for the construction of the Oakajee Port and Rail Project in the State's Mid-West.

On Friday last week, Padbury stunned the market by announcing it had secured $US6.5 million from a mystery investor to help build Oakajee.

The news sent Padbury shares soaring more than 100 per cent to a high of 5.2 cents.

On the same day, Padbury called a trading halt promising to reveal the identity of the parties involved as well as details of the offer.

On Monday, the company went into voluntary suspension with the same questions still unanswered.

And in an announcement that will raise further doubts about the deal, Padbury today said it needed more time to seek "information in respect of their (the backers) capacity to meet their funding obligations under the agreement".

It said it needed the backers' consent "to disclose the agreement in its entirety".

Padbury now says it expects to return to trading on Wednesday next week.

Shares the company last changed hands for 3.3 cents.

The Oakajee project was previously in the hands of a joint venture company co-owned and operated by Murchison Metals and Japanese giant, Mitsubishi.

But the project failed to materialise after Murchison pulled out citing an inability to fund its component and then Mitsubishi was forced to withdraw on concerns about Oakajee's overall viability.

WA Premier Colin Barnett said this week he was hopeful recent talks with Chinese giant CITIC could breathe new life into the shelved project.





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