AusRAIL, Market Sectors

Fortescue rail plan cleared of heritage problems

<p>The Western Australian Government has given Fortescue Metals permission to build a railway line through an area with delicate Aboriginal rock art.</p> <p>The 56 km of track will help connect new port facilities at Port Hedland with Fortescue’s Pilbara iron ore deposits, after the Federal Government decided against forcing BHP Billiton to open its tracks to Fortescue.</p> <p>Woodside Petroleum is also lobbying to build a new liquefied natural gas plant and terminal on the Burrup Peninsula near Dampier to handle gas exports from its Pluto field. </p> <p>The Burrup is also a major Aboriginal art site and development of the area has caused some controversy. </p> <p>Fortescue’s shares have resumed trading this week after a halt while talks continued with the Hong Kong-based resources trading and shipping group Noble Resources on an equity injection in return for a substantial offtake of iron ore.</p> <br />