Australia's Padbury secures funding for $6 bln port; shares surge

SYDNEY, April 11 Thu Apr 10, 2014 8:24pm EDT

SYDNEY, April 11 (Reuters) - Australia's Padbury Mining Ltd said on Friday it had secured almost $6.5 billion in funding to build a new port and associated railway at Oakajee in Western Australia, potentially opening a new export hub for the region's iron ore riches.

Shares in Padbury surged more than 150 percent on news of the funding, which is being provided by Australian equity investors in three tranches, Padbury said. (Reporting By Lincoln Feast; Editing by Paul Tait)

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