From the AFR:
The future of the $6 billion Oakajee Port and Rail project in Western Australia has been cast into further doubt, with Japanese owner Mitsubishi to freeze spending and pare back its workforce on the troubled venture.
Mitsubishi’s efforts to reinvigorate the project have been stymied by weakening iron ore prices, ongoing global economic volatility and an inability to attain the cooperation of Chinese parties with iron ore interests in WA’s mid-west region, which Oakajee was to service.
…As part of the planned restructure, Mr Langoulant is expected to take over as the boss of both OPR and Crosslands Resources, another 100 per cent owned subsidiary of Mitsubishi. Crosslands has been developing the $4 billion Jack Hills iron ore mine in the mid-west.
Of the 115-strong workforce across the two companies, 71 are expected to be made redundant in the coming weeks.
That does not sound like a lot of doubt to me. It’s dead.
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.