Asian giants kick in for Oakajee deep-water port study

<p>Korean and Japanese manufacturing giants will fund part of a feasibility study into plans for the deep-water port of Oakajee in Western Australia. </p> <p>A consortium, led by iron ore miner Murchison Metals, has signed a memorandum of understanding to develop the $1.6bn rail and port project for the new port, 23km north of Geraldton.</p> <p>Posco of Korea, Japan’s Mitsubishi and logistics heavyweight Toll Holdings are also part of the consortium. </p> <p>Murchison hopes to use the new rail and port infrastructure for about 25m tonnes of iron ore from its Jack Hills project, 380 km northeast of Geraldton. </p> <p>The Geraldton Port Authority, which will manage the new port, is expecting several other iron ore miners to use Oakajee, with annual throughput expected to be up to 60m tonnes. </p> <p>The study is due for completion by mid-2007, with WA Government approval expected to take about six months.</p> <p>If approved, construction could begin by early 2008 with the port and rail handling iron ore from 2010&#4711. </p> <br />