Padbury Mining Limited: Sinosteel Decision Will Not Impact Padbury Development
24.06.2011 | ABN Newswire
09:57 AEST June 24, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Sinosteel Midwest Corporation\'s decision to suspend development of its A$2B Weld Range project is understandable given the uncertainty around the Oakajee Port and Rail Development, Padbury Mining Ltd (ASX: PDY) (\'The Company\') Managing Director Gary Stokes said today.
Mr Stokes said Padbury shared SMC\'s concerns about the Oakajee development, which was why two weeks ago the Company\'s shareholders ratified the purchase of the intellectual property developed by Yilgarn Infrastructure as part of its 2007 bid to develop the Oakajee Port and Rail project.
\'This purchase was intended to provide Padbury with a \'plan B\' to contribute to a possible infrastructure solution for the Mid West should the current provider OPR not be able to deliver the project in its current form,\' he said.
\'While SMC\'s decision will undoubtedly disrupt the Oakajee Port and rail development in its current form, Padbury is fortunate that it is at an early stage of project work and is not as dependent on the same timelines as other Mid West miners for the completion of the infrastructure.\'
The Company has a solid program of work planned to develop this project over the next three years, with production targeted for 2016.
About Padbury Mining Limited:
Padbury Mining Limited (ASX: PDY) is a Perth-based ASX-listed mineral exploration company focussed on the development of its significant iron ore assets in Western Australia's Mid West Region.
The company's flagship project is the Peak Hill Iron Joint Venture, a highly prospective iron ore project with an initial 850Mt JORC compliant magnetite resource located 750km north east of Perth, Peak Hill is in the same mineralised region as a range of other major Mid West miners at various stages of project development. These include Sinosteel Midwest Corporation, Crossland Resources and Atlas Iron.
Padbury is targeting 2015 for production.
Contact:
Gary Stokes
Managing Director
Padbury Mining Limited
Tel: +61-8-6460-0250