The Australian Financial Review reports that Aquila Resources is the frontrunner to win the rights to build a new multi-user deepwater port at Anketell Point in Western Australia. The company is reportedly close to securing sufficient financing and may be able to complete construction within two years.
The Western Australia state government is keen for the Anketell Point development to go ahead. The port would help to facilitate exports from mining companies with operations in the area, such as Flinders Resources, Iron Ore Holdings, Atlas Iron and China Metallurgical Corporation.
Fortescue Metals Group is also conducting feasibility studies regarding the Anketell Point project, though the project is less of a priority as it currently has sufficient port resources elsewhere. For Aquila the proposed port would be a significant component in its West Pilbara Iron project. The company is reportedly poised to finalise US$2 billion in funding from the China Development Bank, and is also planning to raise a further US$1 billion through the sale of non-core assets to finance the project.
Source: Australian Financial Review, July 6, 2011; Image: yahoo