Another mining capex project has officially bitten the dust today, with Oakajee Port and Rail (OPR) officially announcing that it has suspended the $6 billion Oakajee port project in Western Australia after proponent Mitsubishi announced a “slow down” of work in November.
From the AFR:
OPR said the reasons it slowed down work at Oakajee in November – a difficult economic environment and lack of progress with talks for joint venture partners – had worsened.
“This will unfortunately require further reduction in staff numbers,” OPR said…
“Progressing partnership discussions for the mine, port and rail project in the current economic environment for commodities is particularly challenging, and is probably now harder than it was in November 2012 when the decision was made to reduce expenditure on the project”.
