Padbury Mining expected to announce Oakajee funding deal details

The ASX is still waiting for details on how Padbury Mining plans to secure funds for the $6 billion Oakajee port and rail deal amidst reports a bank in the Cayman Islands will finance the project.

The ASX is still waiting for details on how Padbury Mining plans to secure funds for the $6 billion Oakajee port and rail deal amidst reports a bank in the Cayman ­Islands will finance the project.

Sydney businessman Ronald Bleyer told The Australian the money would be secured and delivered through one of the companies he controls, Superkite Pty Ltd.

The comments come after Padbury missed a deadline to reveal details of the funding agreement for the third time.

Specifics being sought by The Australian Securities and Investments Commission include details of any shareholder approvals required and details of any security Padbury was required to front up to obtain the money.

The company said it expects to make the announcement this week.

ABC reports ASIC is looking into Padbury's disclosure and share trading in relation to the deal.

Bleyer told The Australian he got involved in the Oakajee project to spur investment in Western Australia.

“The Western Australian government is not building the infrastructure — it can’t afford to,” he told the paper.

“So it’s being done privately between Australian companies and one Australian company that’s part of a global network.”

Bleyer said the spotlight being shone on him and his business deals since Padbury’s announcement have been unwarranted.

It comes as reports about a string of failed business deals and civil and criminal court cases brought against Bleyer in the USA have come to light.

Meanwhile, strongly worded comments about the deal from WA Premier Colin Barnett last week created more speculation the development plan will not go ahead.

Barnett told reporters “there is little substance behind Padbury.”

He said he had not meet with representatives of the junior mining company and did not intend to.

“I don’t believe it’s realistic — simple as that,” Barnett said of the plan.

Managing director Gary Stokes has previously said the announcement was legitimate.

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.

The company’s shares remain suspended.

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