A little snippet of information in today's Business section of "The Australian": City Beat-Rebecca Urban Big Four back Oakajee It's rare for Australia's big four banks to show unity on a matter, except when it comes to raising the interest rate beyond that of the official position of the Reserve Bank Of Australia. However, City Beat understands that Westpac, National Australia Bank, the Commonwealth and ANZ have joined forces with the Royal Bank of Canada and Bank of Tokyo to back the funding arrangements for Oakajee Port & Rail, the local mob vying against Yilgarn Infrastructure to build $2 billion worth of port infrastructure near Geraldton to serve the emerging West Australian mid-west iron-ore province. Either the Chairmen or chief executives of the big four are believed to have written letters of support attesting to their financial backing of Oakajee's plans. It will certainly make for interesting reading come May 9 whwn tenders are called for construction of the port, with Oakajee backed by the Aussies and its rival supported by a host of Chinese banking types.
MMX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
