oakajee port

INteresting article rleased thismorning in the West Australian,

Not sure what it really means but it looks promising on the surface

Miner says Oakajee port funding secured
The West Australian
The West Australian
Miner says Oakajee port funding secured
Iron ore junior Padbury Mining says it has secured $6.5 billion in funding to build the long-delayed deepwater port at Oakajee.
Padbury said in an ASX statement this morning said the funding would come from private equity Australian investors. It did not name them.
The investors would take a 64 per cent stake in project developer Midwest Infrastructure (MWI) and Padbury 36 per cent.
The port and rail project north of Geraldton has a $6 billion budget.
Padbury shares soared on the announcement. They were up 1.9 cents, or 95 per cent, to 3.9 cents at 8.43am.
The company said it had been engaged with the WA Government over Oakajee for some time and the funding would significantly increase that contact.
"Padbury has been very focused on delivering this outcome for the past 18 months," managing director Gary Stokes said.
"It has been an enormous challenge on many fronts but today's announcement will see this game-changing project finally come to fruition," he said.
Padbury said major South Korean engineering and construction companies had shown interest in building the project. MWI was expected to sign a deal with one of them from the pre-feasibility stage..
The money negotiated with investors would be 100 per cent equity funded, with Padbury saying it could claw back its shareholding to 49 per cent once the private investment had been returned.
A first tranche of $470 million would be used to complete design and construction specifications, early civil works and ordering of long lead items.
Drawdowns against the final two tranches of $3.45 billion and $2.55 billion would be used for construction.