Padbury Mining has secured the funding necessary to construct a $6 billion deep water port and associated rail network at Oakajee.
This is a major break through for the company and the region.
The funding is to be provided by private Australian equity investors and is contained within an executed Shareholders Agreement between the parties.
The funding will be provided in three tranches:
1. First tranche – US$470 million;
2. Second tranche – US$3,450 million;
3. Third tranche – US$2,550 million.
The first tranche will be used for completing the design and construct specification over the first nine months, for early civil works and to meet early ordering of long lead items.
Drawdowns against tranches two and three will be used for construction.
Press Release, April 14, 2014