Oakajee Port ON - Spot X and Corros doomed. :-(

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mrrt
mrrt
WA
72 posts
WA, 72 posts
13 May 2009 9:54pm
Well, we'd all better book in some wave sailing at Spot X and Coronations over the next 2 years...

Thanks to today's Federal Budget, Oakajee deep water port just north of Geraldton is finally going to happen after being on again off again for the past 15 years. Construction should start 2011 with the port starting operating in late 2013 or early 2014.

http://www.wabusinessnews.com.au/en-story/1/72396/Oakajee-budget-boost-lifts-iron-miners

As previously discussed on various occasions:

www.seabreeze.com.au/forums/topic.asp?TOPIC_ID=43624&SearchTerms=oakagee

...that means Spot X gets wiped off the map and Coronation Bay only a few kms north will almost certainly have its wind and waves badly affected by the massive breakwaters extending 2kms out to sea. :-(

So sad - Corros is such a unique place for windsurfing and wave jumping in particular. I'd typically do 5-7 big jumps one after another off perfect ramps in one run out. Nice flat water in between each wave to build up speed for each successive wave which start small close to shore and gradually get bigger the further out you go, never fully breaking until you hit the big waves further out to sea. And then there is the nice flat water closer to shore for slalom and perfect gybes. And of course the titanic 3m to 4m conditions in summer with day after day of 20-35knot+ seabreezes.

The perfect place to learn how to wave-jump.

So much for all the Euros who come over every year - I guess their tourist dollars just don't compare to the billions from the mining industry.

Ah the weeks we used to spend up there every summer.

-Mart
WINDY MILLER
WINDY MILLER
WA
3183 posts
WA, 3183 posts
14 May 2009 10:03am
Too sad, corros was of my favourite places in the world,, and i never got to try out spotX

Such a good vibe, great sailing, great camping, great people.

Oh well at least China will have plenty of our resources to help them make this planet a ****tier place to live.
russh
russh
SA
3027 posts
SA, 3027 posts
14 May 2009 12:52pm
Every time I read about what they're doing it makes me angry - add a comment to the link that was provided - let the commercial paper know how you feel - I havn't sailed there but surfed from the SW to Geraldton, Kalbarri to north of Carnarvon for a couple of winters and the coast was awesome was looking forward to getting over there again in one day in a couple of years - sounds like it could be all over by then.

Just can't believe they need to do it - passive take over of our country and resources by multi nationals to feed Chinas never ending resource requirements - we'll be ****ed when it runs out - so whats the plan for the first big oil spill clean up, feral weeds from ship ballast that take over the reefs - it's just frustrating - I can't imagine how pissed off you crew that live and sail there are.
MikeyS
MikeyS
VIC
1509 posts
VIC, 1509 posts
14 May 2009 1:54pm
That sucks. The two occasions when I sailed at Corros a few years back would be amongst the highlights of my sailing experiences.
Ian K
Ian K
WA
4169 posts
WA, 4169 posts
14 May 2009 2:08pm
mrrt said...


Corros is such a unique place for windsurfing and wave jumping in particular. I'd typically do 5-7 big jumps one after another off perfect ramps in one run out. Nice flat water in between each wave to build up speed for each successive wave which start small close to shore and gradually get bigger the further out you go, never fully breaking until you hit the big waves further out to sea. And then there is the nice flat water closer to shore for slalom and perfect gybes. And of course the titanic 3m to 4m conditions in summer with day after day of 20-35knot+ seabreezes.



Yes that's how I remember it, is it truly unique or is there some other place on earth with the wind where the waves break like that?

stehsegler
stehsegler
WA
3571 posts
WA, 3571 posts
14 May 2009 2:11pm
of course the big question remains... where is the remaining $3.4 billion of funds coming from to complete the project? Murchison Metals, which owns 50% of the project, only has $148 million in cash and assets, $136 million of which came from proceeds of asset sales. Would you lend that company $1.7 billion?

The other 50% are owned by Mitsubishi. While their results for FYI 2008 were pretty good considering all circumstances their cash flow trends are definitely pointing south by quite a bit. I wouldn't be surprised if their next results would be as devastating as those just posted by Hitachi.

So will this stop the project? Probably not ... my guess is they will either go for a cash raising by getting a third party involved (Chinalco anyone?) or simply waiting out until the crisis is over...

On a different note, how can the WA government say this project will be in Australian Ownership when 50% ownership sits with Mitsubishi Pty Ltd, a subsidiary of Mitsubishi Corporation Japan?

All in all, I don't think a few tourists will stop this project... sadly
Zubby
Zubby
SA
896 posts
SA, 896 posts
14 May 2009 4:17pm
That’s Farked. The best windsurfing beaches in Australia and there going to stuff it up! There where a lot of crew talking about it when I was up there in Jan and we thought the financial crisis would stop that or slow progress.

Windxtasy
Windxtasy
WA
4019 posts
WA, 4019 posts
14 May 2009 4:50pm
stehsegler said...

of course the big question remains... where is the remaining $3.4 billion of funds coming from to complete the project? Murchison Metals, which owns 50% of the project, only has $148 million in cash and assets, $136 million of which came from proceeds of sales. Would you lend that company $1.7 billion?

The other 50% are owned by Mitsubishi. While their results for FYI 2008 were pretty good considering all circumstances their cash flow trends are definitely pointing south by quite a bit. I wouldn't be surprised if their next results would as devastating as those just posted by Hitachi.

So will this stop the project? Probably not ... my guess is they will either to a cash raising by getting a third party involved (Chinalco anyone?) or simply wait out until the crisis is over...

On a different note, how can the WA government say this project will be in Australian Ownership when 50% ownership sits with Mitsubishi Pty Ltd, a subsidiary of Mitsubishi Corporation Japan?

All in all, I don't think a few tourists will stop this project... sadly


Nice economic analysis there stehsegler.

Is there an environmental impact statement available, or haven't they got that far?

Either way it seems next summer would be an ideal time for an international wave sailing comp there (last chance to sail at Coronation Beach!) for two reasons:
1. Our predicament plus international competition would provide a good news story and get media coverage for windsurfing.
2. Focus international attention on the loss of this unique wavesailing location.

Neither of which is likely to make any difference to the outcome, but what a party!
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