Japanese or Chinese money so they really need it by the time they get the thing built Anketell will be operational CP Mining will have been exporting from there port for 3 years what price Iron Ore in 5 years time?
Cheers Hotlegs
Chinese may take up offers of Oakajee stake Andrew B urrell From: The Australian November 24, 2010 12:00AM
WA may allow Chinese-owned entities to take equity stakes in the Japanese-backed Oakajee port and rail project in its Mid-West region. It is understood that a number of Chinese companies are ready to pounce once Premier Colin Barnett gives the green light for a shake-up of Oakajee Port & Rail, which is a $4.4 billion joint venture between Perth-based Murchsion Metals and Japan's Mitsubishi.
The shake-up is aimed at speeding up development of the infrastructure to suit Chinese investors, including Sinosteel and Ansteel, who have invested billions of dollars in some of the Mid-West's emerging iron ore mines.
It would also appease senior figures in China who were deeply offended at losing to Japan in the original Oakajee tender process conducted by the previous Labor government.
But Mr Barnett's proposed changes are being vigorously opposed by Murchison, which is developing both the OPR project and the region's Jack Hills mine with Mitsubishi.
Mr Barnett confirmed yesterday he would welcome Chinese interests holding equity in the Oakajee project, although he was not considering awarding the project to a different consortium.
"The Chinese are already heavily involved in terms of their participation in the mining side, and I think they've got scope to participate in rail and port developments as well," he said.
A spokeswoman for Mr Barnett said the Premier had not yet made a decision on whether to extend the exclusivity period granted to Murchison and Mitsubishi to develop Oakajee.
The partners said earlier this month that a bankable feasibility study for the Oakajee project would be delayed until the second quarter of next year and the first shipment from the port would be delayed until 2015.
But the extension to the project's timeframe needs approval from the government. Sources suggested yesterday that Mr Barnett was using Murchison's request for an extension as leverage to force a restructure of Oakajee.
Rival miners have suggested that concerns over the viability of Jack Hills, a planned foundation customer of OPR, could threaten development of the region's port and rail network.
Mr Barnett has expressed concerns over the common ownership between OPR and Jack Hills.
However, Murchison executive chairman Paul Kopejtka said the equity structure of OPR was appropriate and Chinese participation should be limited to providing goods and services.
"We have long said that Chinese involvement in the project is highly desirable -- and that commitment is embedded in our agreements with the state . . . on the project," he said. "We see those opportunities for Chinese involvement as being through provision of rail cars, fabricated steel structures, engineering and construction services and financing."
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