PERTH, Australia, April 11 -- The Chamber of Minerals and Energy of Western Australia issued the following news release:
The funding package for the $6bnOakajee deep water port and associated rail network, secured by Padbury Mining Limited, has vital economic importance for regional, state and national economies.
"This is an exciting step towards realising the multi-billion dollar prospectivity currently lying dormant in the Mid West" said Chief Executive Reg Howard-Smith.
"A deep water port at Oakajee is a key piece of strategic regional infrastructure which will position the Mid West as an internationally competitive resources province, creating jobs and wider business opportunities for the region," said Mr Howard-Smith.
The Smarter Cities Challenge Report for Geraldton prepared by IBM in November 2012 estimated a potential royalty return of $1.125bn a year from five major iron ore projects that might export from a deep water port at Oakajee.
"With State royalties funding hospitals, schools and services, Padbury's announcement unlocks potential for the region and the state. Complex infrastructure projects do not come along without significant challenge so this outcome is great news for WA," said Mr Howard-Smith.
Padbury's pursuit of the Oakajee project represents a substantial vote of confidence in the future of the Mid West as a major resources province.
CC AutoTriage8sgm-140412-30VitinMar-4701840
(c) 2014 Targeted News Service http://www.4-traders.com/OAKAJEE-CORPORATION-LIMIT-10356173/news/Oakajee--CME-Welcomes-Step-Forward-on-Oakajee-18249751/
PDY Price at posting:
3.3¢ Sentiment: ST Buy Disclosure: Held
