Correct me if I’m wrong “really” but I thought we already had the construction company sitting on the side lines waiting for funding which we’re all waiting for in anticipation from the Chinese investors that have entered Austino. Mitsubishi Corporation and Murchison metals were awarded the contract to build Oakajee in a joint venture but that fell by the wayside and were mothballing it till they found an additional investment partner.
Colin Barnet was to give $339Mil to the project and was supposed to be matched by the federal Gov In 2008.
Last week The federal Government announced a large infrastructure spend for WA which seemed to have a component in it not accounted for.
Could this be a duck lining up. In the meantime a delegation has gone to china from Austino to secure some funding. Could this be another duck lining up also.
The third duck maybe Mitsubishi. By the looks of it they have already done their feasibility studies and were willing to pour some money into it.
Oakajee Port is a proposed deep water port to be built in the Mid West region of Western Australia, about 25 kilometres (16 mi) north of the city of Geraldton to service the region's growing iron ore industry. Approval by the Government of Western Australia for the construction and operation of the port and rail facility was announced on 29 July 2008,[1] with the contract being awarded to Oakajee Port & Rail Pty Ltd, a joint venture between Murchison Metals Ltd. and Mitsubishi Corporation.
In June 2013 Mitsubishi announced they were suspending work until an investment partner could be found.
Source Wikipedia
ANS Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
