Gindalbie Metals appears ready to swoop on the beleaguered Oakajee port and rail project in Western Australia after it yesterday began marking out an alternative rail route to the port from the mine in WA's mid-west, according to the Australian Financial Review.
The move by the Chinese-backed miner comes only six weeks before the expiry of an exclusive agreement to build the embattled port and rail development, which has backing from the state and federal governments worth $680 million.
The agreement is currently held by Murchison Metals and its Japanese joint-venture partner Mitsubishi, which are struggling to finalise financing for the project.
GBG Price at posting:
57.0¢ Sentiment: Buy Disclosure: Held
