Padbury Mining Limited (ASX:PDY) has scrapped plans to revive its proposed $US6.5 billion Oakajee port and rail project.
The iron ore explorer told the market last night it has terminated the deed and discharged all parties from claims in connection to the deal.
Padbury Mining caught the eye of regulators after its shares spiked following the funding announcement three weeks ago which failed to name the investors behind it.
Media reports cast doubt the deal would go through from the onset and have since named Sydney entrepreneur Roland Bleyer as behind the companies linked to the funding deal.
Padbury Mining says it will continue to actively explore opportunities to exploit its existing intellectual property concerning the Oakajee Project.
Shares in Padbury Mining last traded at $0.033 cents after surging 60 per cent following news of the deal on April 11, 2014 and entering into a trading halt on the same day.
Padbury Mining reported a net loss of almost $1.6 million in the first half of the 2014 financial year.
