oakajee moves two steps closer

Oakajee will be real one day - which will mean Wiluna West will be real as well!

I have to say 30 cents a share represents good value - when you consider the the iron ore locked up @ Wiluna west is worth many billions!!

From The West
http://au.news.yahoo.com/thewest/business/a/-/wa/12463990/oakajee-moves-two-steps-closer/

The $6 billion Oakajee port and rail project moved a step closer to reality after a key regulatory approval and a commitment by the State Government to continue to work with its proponents to bring in Chinese investment.

Murchison Metals announced this morning that the Foreign Investment Review Board (FIRB) had no objection to the sale of its 50 per cent stake in Oakajee and the associated Jack Hills iron ore project to its joint venture partner, Japan's Mitsubishi.

FIRB approval was a condition of the sale, which would give Mitsubishi full control of the project.

Murchison struck a deal to sell its stakes in Oakajee and Jack Hills to Mitsubishi last month after admitting it could not raise the funds to proceed with the projects.

The FIRB approval coincides with news that the State Government would continue to work with Oakajee’s proponents to bring the project to fruition despite an exclusivity agreement between the government and Oakajee Port and Rail lapsing at the end of the year.

The Oakajee partners had been given until the end of the year to meet key milestones for Oakajee or risk losing control of the project.

But Premier Colin Barnett said today the government would continue to work with the OPR partners with a view to scaling back the project, completing it in stages and bringing in Chinese investment.

“The State Government will continue to work with OPR as a proponent, but we will also be considering a broader range of options,” he said.

“Mitsubishi’s plan to purchase Murchison’s interest in the project, and to seek another partner is a very positive development.

“The Government will continue to encourage Chinese participation.

“This is vital to the project because Chinese companies have major interests in Mid-West iron projects and China is likely to be the biggest customer for the region’s iron ore.

“We are also very interested in considering proposals for reducing the cost of the project.

“Our aim is to find a solution that suits all the players in the region - this will ensure the success of the project.”

The Premier said the State Government and the Oakajee parties had also agreed that neither party would seek compensation, nor pursue issues of intellectual property in relation to the changes.