The West

Miner says Oakajee port funding secured
Miner says Oakajee port funding secured

Iron ore junior Padbury Mining says it has secured $6.5 billion in funding to build the long-delayed deepwater port at Oakajee, north of Geraldton.

Padbury sain in an ASX statement this morning said the funding would come from private equity Australian investors. It did not name them.

The investors would take a 64 per cent stake in the developer of the project and Padbury 36 per cent.

A first tranche of $470 million would be used to complete design and construction specifications, early civil works and ordering of long lead items.

Drawdowns against the final two tranches of $3.45 billion and $2.55 billion would be used for construction.

Padbury said it had been engaged with the WA Government for some time and the securing of this funding would significantly increase that engagement.

"Padbury has been very focused on delivering this outcome for the past 18 months," managing director Gary Stokes said.

"It has been an enormous challenge on many fronts but today's announcement will see this game-changing project finally come to fruition," he said.

The West Australian

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