A nine-month extension has been granted to Mitsubishi Corporation and Murchison Metals Ltd while they decide whether or not to build an iron ore rail and port development in Western Australia.This will delay construction until the first quarter of 2012, with port operations not expected to start until 2015. No additional deadline extensions will be granted.
The Oakajee Port & Rail company, which is jointly owned by the two investors, is planning to build a port terminal near Geraldton, some 430km north of the city of Perth. This will be able to handle 45 million tonnes of iron ore a year. However, the pair need to raise around AU$3 billion to fund the construction.
BC