Padbury Mining delays Oakajee investor announcement , again

Padbury Mining has reneged on a commitment to reveal the identity of its mystery backer for the $6 billion Oakajee port and rail project for the second time.

On Friday the junior miner made a market announcement that the Western Australian project would go ahead after receiving massive financial funding.

Padbury said the $6 billion needed to build the port and rail infrastructure in the mid-west region had come from Australian private equity partners that want to remain anonymous.

The ASX demanded answers after shares in Padbury rose 170 per cent after the announcement.

The miner said it would reveal the details on Tuesday but pushed the date back to today.

However it has delayed a market announcement once more, saying it was seeking from the backers of the deal “in respect of their capacity to meet their funding obligations.”

It also said it was seeking consent to disclose the agreement in its entirety with the announcement.

The delay has fuelled industry chatter that the deal won’t go ahead amid concerns over its viability.

Managing director Gary Stokes said the announcement was legitimate.

“We wouldn’t have made an announcement on the ASX if it wasn’t,” he said. “We’ve been working on this for quite some time — this is not new,” he told The Australian.

Stokes said the project would open up the Midwest region to the 21 companies operating in it.

The original announcement said funding for the project will come in three tranches with the first delivering $US470 million ($501.2 million) to complete design and construction plans.

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