Fortescue is still mulling a stake in Sinosteel's $9.7 billion Oakajee port, rail, and iron ore mine nearly two years after it began a “rapid” study into the long-stalled project.
John Welborn-chaired Fenix Resources has struck a deal with an offshoot of the world's largest steel producer to mine and export up to 10 million tonnes of iron ore from the Mid West.
Fortescue Metals Group has continued to surprise the market with its ambitious plans, striking an agreement with Sinosteel to evaluate a magnetite mine in the Mid West and a port at Oakajee.
Mount Gibson Iron's Shine project in the Mid West could become the fourth iron ore mine to halt operations this month after the company called a trading halt.
Minister for Ports and Regional Development Alannah MacTiernan says a multi-billion dollar Oakajee port and rail project is unnecessary and Sinosteel's Midwest general manger said there were no guarantees the company would push ahead with the project.
Australian businesses can be confident that strong personal relationships with their partners in China can help overcome any short-term problems between the governments of the two countries, according to two local business executives with close ties to the Asian powerhouse.
