FOREIGN steelmakers have already expressed interest in building steel making facilities near the Oakajee industrial estate, according to the State Government.
During her presentation at the sold-out Delivering Oakajee to the World conference at the Perth Convention centre this week, Deidre Willmott, who was representing Premier Colin Barnett, said the Oakajee Port would unlock the potential of the Mid West in becoming an industrial hub that would attract big business.
"The 6000 hectares of industrial park could become the site for resource planning industries," she told the large group of industry figures, miners and business representatives."It will be developed by Landcorp and is expected to be complete in 18 months. Marketing will commence next year and land will be available in 2013.
"The Government has already received inquiries from foreign inestors interested in establishing steelmaking facilities."
Ms Willmott said the value of the Mid West iron ore industry was valued by JORC at around 300 million tonnes of direct shipping (hematite) ore and 3 billion tonnes of magnetite ore.
Chief executive of Oakajee Port and Rail, Chris Eves, gave an update of the Oakajee project, which received confirmation of federal funding under Infrastructure Australia at the release o the 2008 Federal Budget.
"Regional development will be triggered by the Oakajee industrial estate," he said.
It cannot be overtated that there is iron ore all over the world but there is a lack of infrastructure to take it to overseas markets.
"Infrastructure will allow mines to go from prospecting to development programs and all the employment that will produce - the impact on the Mid West economy will be very significant."
Mr Eves said value engineering studies for Oakajee were expected to be complete in May with the rail corridor planning secured by the middle of the year.
The bankable feasibility study for the project is expected to be complete by next March.
Mr Eves said OPE expected to be complete by next March.
Mr Eves said OPR expected financial close by 2010, construction in early 2011 and the project's completion by 2013.
He said OPR wanted to engage the Geraldton and Mid West community as much as possible and was committed to using local skilled labour in the project.