12/12/2006 - 15:12

Midwest unveils consortium plans for Okajee bid

12/12/2006 - 15:12

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Midwest Corporation Limited and its joint venture partner Sinosteel Corporation have teamed up with two Chinese infrastructure players in a plan to build and operate the proposed Okajee port and associated rail network.

Midwest unveils consortium plans for Okajee bid

Midwest Corporation Limited and its joint venture partner Sinosteel Corporation have teamed up with two Chinese infrastructure players in a plan to build and operate the proposed Okajee port and associated rail network.

The pair said they have signed a non-binding memorandum of understanding with China Railway Engineering Corporation and China Communications Construction Group.

This MOU involves a joint tender to fund, construct and operate the proposed Oakajee Port and the rail linkage to Weld Range and Jack Hills iron ore projects. Sinosteel and Midwest are joint venture partners in the Weld Range-Koolanooka Iron Ore Project inland from Geraldton.

China Rail and China Communications (formed from a merger of two companies previously known as China Harbour and China Road & Bridge) are massive Chinese Government owned enterprises with joint assets exceeding US$60 billion.

Both are major developers of logistics infrastructure in China and abroad and have established links to China Development Bank.

The consortium provides additional substance and financial credibility to the ongoing development of the mid west iron ore industry in Western Australia.

Midwest Corporation and Murchison Metals are working together, in consultation with the State Government, to develop the best process for ensuring the timely construction of Oakajee Port and the railway to Weld Range and Jack Hills, both of which are essential for the ongoing development of their iron ore resources.

Commenting on the MOU, Bryan Oliver, chief executive officer of Midwest Corporation said, "This is a significant agreement involving substantial Chinese companies keen to increase their exposure to the Australian iron ore industry and to support Sinosteel's joint venture aspirations for the development of projects with Midwest Corporation."

 

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