Padbury plays possum on Oakajee backer

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From the AFR:

The mining junior that claimed to have sourced $6 billion worth of funding from a mystery backer has broken its promise to reveal full details of the money this morning.

Padbury Mining raised eyebrows on Friday when it told the ASX it had sourced $6 billion to revive the failed Oakajee port and rail project in Western Australia.

…Padbury said it would do so by Tuesday morning, but in a fresh statement to the ASX overnight, the company said it could not reveal the identity of its backer until Thursday; the last trading day before the Easter long weekend.

Given Colin Barnett’s complete ignorance of any proposal, I think it unlikely the mystery will ever be revealed.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.