Speculation is heating up that Gindalbie Metals Limited (ASX:GBG) is preparing to swoop on Murchison Metals Limited’s (ASX:MMX) troubled $6 billion Oakajee Port and Rail project in Western Australia.
Gindalbie has told Fairfax Media that it has started to mark out an alternative rail route to the port from its flagship $2.6 billion Karara Project in the state’s mid-west.
Gindalbie confirmed in August that it was eyeing a small equity stake in the Oakajee and says it is currently looking at all the options available to expand its mine.
The latest reports come just six weeks before the expiry for an exclusive agreement between Murchison and its Japanese joint-venture partner Mitsubishi Development Pty Ltd to build Oakajee.
In 2011 financial year Gindalbie Metals recorded a net profit of $13.946 million.
