Chinese Business Finances Australian Rail Project

Australian company Yilgarn Infrastructure has struck a A$750m investment deal with five Chinese companies to develop a massive rail project in Western Australia.

The Oakajee Port and Rail Project has just completed engineering pre-feasibility studies and is awaiting the next stage of tests.

The rail project will be an independently operated port and railway designed to service all the region's commercial mines and to reach existing and future users.

"This agreement provides significant opportunities for Western Australian companies to form partnerships in key roles for this project and to take advantage of China's demand for our products and the need for local expertise", says Yilgarn CEO Dr John Saunders.

The five companies - who own combined assets of more than $50bn and revenues of more than $60bn - includes some of China's biggest enterprises in port and railway construction, iron-ore trading and steel production.

Reported by Ozge Ibrahim