The Western Australian State Government has announced that a deal to overhaul the troubled $5.9 billion Oakajee port and rail development is only weeks away from being finalised.

 

Western Australian Premier Colin Barnett announced the impending completion of the deal after he pledged over $300 million in tax revenue for the construction common-use facilities at the port.

 

"A lot will be happening in the next few weeks -- the next few weeks are quite vital. I don't know if I can pull this off. This is the trickiest project, the most complex project, I've ever dealt with,” Mr Barnett told The Weekend Australian.

 

Once completed, the project would underpin much of the state’s mid-west iron export capacity.

 

The Western Australian Government has announced that negotiations for a restructure of ownership had been conducted, with discussions held over the possibility of Chinese investors as well as Japan’s Mitsubishi Corporation.

 

Discussions are still being held with possible Chinese stakeholders, despite China’s Sinosteel throwing the project into disarray when it pulled out from its planned $2 billion Weld Range mine.