[photopress:oakajeexxxx.jpg,full,alignright]Yilgran Infrastructure has struck a $750 million funding deal with Chinese steel interests as it vies to dominate transport and shipping services for Western Australia’s mid-west iron ore industry.
Yilgarn said Chinese groups, including the steel producers Sinosteel and Ansteel and the infrastructure builder China Railway Engineering Corporation, had committed to provide $750 million in equity funding if it wins West Australia government backing for its plans.
The equity is a crucial part of a funding mix for Yilgarn’s $3 billion in planned infrastructure that includes a rail network connecting mines east of Geraldton to a company-developed port at Oakajee, 17 kilometers north of the mid-west town.
Rival infrastructure hopeful Murchison Metals is backed by Japanese giant Mitsubishi with its plans to build its own deepwater Oakajee port and a railway to expand its Jack Hills mine.
The WA Government last month called on the rivals to come up with proposals to solve the impasse that threatens to delay the development of crucial infrastructure.
Source: The Age