So has this verbal contract , agreement lapsed PERTH, Mar 24...

So has this verbal contract , agreement lapsed

PERTH, Mar 24
Australasian-owned BBI Group P/L (BBIG) has signed an MoU to partner with Chinese major China State Construction Engineering for the construction of the $A6B Balla Balla iron ore infrastructure project in Western Australia’s northern Pilbara region.
The agreement includes Flinders Mines’ 50Mtpa iron ore operation and 162km railway, and is expected to require a 3,300-strong workforce during construction and generate 900 permanent jobs once operations commence.
BBIG has already secured iron ore resources in the central Pilbara region to use the project infrastructure and is currently engaged with a number of potential Chinese iron ore offtake customers.
BBIG is jointly owned by diverse New Zealander Todd Corp, which holds 53.4% of Flinders, and Nyco P/L, an Australian investment company owned by Nicholas Curtis. CSCEC is one of the world’s largest construction companies and one of the biggest companies in China.