SYDNEY, April 17 Padbury Mining on
Thursday failed to reveal the investors behind a more than $6
billion port and rail project in Western Australia's iron ore
belt, asking for its shares to remain suspended until it can
provide details on the huge deal.
The small Australian exploration company, with a market
value of A$111 million ($104.37 million), said last week it had
won funding from unnamed wealthy Australians for its Oakajee
port project, prompting an order from the Australian Securities
Exchange for the parties to be named.
Padbury had been expected to make the announcement earlier
this week but said it now planned to reveal details of the
investors and funding agreement by April 23.
After Padbury announced the deal last week, more than 200
million shares were traded, and the stock rose from 2 Australian
cents to more than 5 cents at one stage before trading was
suspended. It last traded at 3.3 cents.
A port in the Indian Ocean coastal stretch of Oakajee in
Western Australia state has long been seen as the trigger to
unearthing billions of tonnes of iron ore stranded by a lack of
transport and export routes.
Previous attempts by various parties to get a plan off the
ground have failed owing to the massive investment needs.
($1 = 1.0635 Australian Dollars)
(Reporting by James Regan and Lincoln Feast; Editing by Ed