Padbury’s $6.5B Port Project Financing Crumbles

Law360, New York (April 30, 2014, 6:39 PM ET) -- Padbury Mining Ltd. said Tuesday it has terminated a deal for $6.5 billion in financing for construction of its deepwater iron ore port and rail network in Western Australia, an announcement that came amid pressure from market regulators to be more transparent about the financing.

The mineral exploration company did not provide a reason for breaking up the deal with Australian entrepreneur Roland Frank Bleyer’s Superkite Pty. Ltd., but said in a statement to the Australian Stock Exchange that both parties were released from any claims...
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