there is no catch.MMX said they were close to an agreement, and...

there is no catch.

MMX said they were close to an agreement, and based on this delay I believe that they indeed have some kind of workable agreement. Otherwise they'd voice their opposition to the WA govt involvement. And while WA may be ready to write the cheque, why not wait for the federal govt's forum early next year to get another $350 mil ?

MMX has welcomed the proposed investment and rightly so. In this current credit climate, being able to reduce your project risk by $ 700 million is like all xmases coming at once.

The perceived downside of MMX also having to pay to use the facility is negligible. I would like to know the figures of how long it would take for MMX to get its $700 million back from fees paid to it by the other users of the port. I'm certain it would be many years, if not more than a decade.

So even if MMX have to pay to use the facilities it's still better than having to fund a debt of 700 mil.