If you've lived in Geraldton for more than 20 years, a headline like this probably won't make you blink. "I'll believe it when I see it" is often heard when the "O" word comes up in conversation around town. But it appears a private wealthy Australian has come to the party as a silent investor and along with Padbury Mining, will be helping make the long talked about project a reality.
Padbury Mining acquired intellectual property from Yilgarn Construction back in 2011, who had, and then lost, the rights to build Oakajee when Alannah MacTiernan and the labor party decided to tear up the agreement they had with Yilgarn and make them bid for it again against another company, Murchison Metals.
Murchison Metals won the bid, formed another company called OPR (Oakajee Port and Rail) with Japanese giant Mitsubishi, and kept everyone holding their breathe for years before finally admitting they couldn't get the money to build it.
It was reported earlier this month that Padbury had signed in excess of forty non disclosure agreements with potential suppliers that wish to be involved, many of which have invested their time and energy to develop a clear pathway for the project to proceed. (proactiveinvestors.com.au)
Today shares in Padbury were put in a trading halt, pending "a material announcement regarding the execution of a project financing agreement for the development of the Oakajee Port and Rail Infrastructure Project in the Mid-West region of Western Australia".