What l like about the news release is that the the Premier has now given the extension so events can now start to move but what he also reiterated was his desire for the involvement of a major chinese player and this could well be known within the next few months.
IMO we have the makings of a PDY/Sinosteel partnership with YILGARN INTELLECTUAL PROPERTY as the base for developing the Rail development option.
The JORC report combined with a chinese investor (Sinosteel) should be the start of PDYs Rerating.
TODAYS news 2/03/2011
Premier Colin Barnett has thrown the door open for a change in the ownership structure of the Oakajee Port & Rail development to ensure it goes ahead, after granting its proponents an extension until the end of the year to finalise the project.
The premier said he was confident the project would go ahead, but there may be some changes in the ownership structure of Oakajee Port & Rail in the near future
Mr Barnett said OPR would remain a major player in the project, but there was a distinct possibility for major Chinese investment in the port, considering most of the demand for the iron ore shipped from Oakajee stemmed from China.
"The Chinese companies are the buyers; I think you'll see some Chinese investment in the project
"The involvement of a few major players either directly or maybe through Murchison will add strength of the project.
"Bear in mind, if you look at it, you've got Sinosteel, a top 500 world company as one of the investors in the mine, similarly you've got Anchan iron and steel, one of the world's biggest steel producers involved in Gindalbie.
"So the Chinese are already there, they may also come formally into OPR in terms of the infrastructure.
"Sinosteel also wants to go into construction, Jack Hills is probably a little bit behind, but it's a huge resource.
"The customers, mainly Chinese steel mills, are lining up to buy the iron ore, so the economics are there, the price is high, everyone wants to get on with it.
"I hope over these next few months all the final details will be resolved.
the following is from PDY
ACQUISITION OF YILGARN INTELLECTUAL PROPERTY
Padbury is exploiting its iron ore tenements in the Mid-West and is keen to ensure that it will have the necessary infrastructure in place to enable it to commence production in 2015 and has entered into an agreement to purchase Yilgarn's intellectual property as part of that exploitation strategy.
The availability of rail and port infrastructure is paramount to Padbury's future success and has been identified by a number of potential investors as a key element for Padbury's future success.
acquisition of two tenements 24/02/2011
The Peak Hill district forms part of the inland Gascoyne region which surrounds the historic Peak Hill goldfields. It is an area which has become the focus of exploration activity for iron ore by Padbury Mining Ltd and also SinoSteel Australia Pty Ltd.
PDY Price at posting:
2.6¢ Sentiment: Hold Disclosure: Held
