Wednesday, 22 Jun 2011
Brockman Resources new controlling shareholder says it is in talks with potential financiers and partners over the Marillana iron ore asset but is open-minded about how the Pilbara asset should be developed.
In Wah Nam International first public comments about Brockman since securing a 55% stake, chief investment officer Mr Hendrianto Tee recently tried to quash market perception that his Hong Kong group was financially constrained.
Mr Tee said Hong Kong stock exchange listing rules meant companies could not raise cash on a whim, which was why Wah Nam did not have a big cash pile. Whenever Wah Nam had to raise cash, it had no difficulty and in the process attracted some of Hong Kong's senior families and conglomerates onto its register.
He said Wah Nam had an open mind on financing for Marillana which in turn would determine how much cash his group would have to provide. He added that Wah Nam talks with potential funders, offtake or joint venture partners and infrastructure providers were preliminary only and had occurred during its Brockman pursuit.
Mr Tee and Perth corporate adviser Warren Beckwith on Friday joined Brockman as non-executive directors representing Wah Nam, expanding the Perth company boardroom to eight.
(sourced from SMH)
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