Aquila, FMG in race to develop Pilbara port

Analysts saymobile plant capital cost for quarry Aquila Resources needs to secure up to $3 billion in funding "as soon as possible" to have a hope of beating out Fortescue Metals Group as lead proponent to develop a new port in the West Pilbara.

Bell Potter analysts Fleur Grose and David George weighed into the Anketell Point story yesterday, writing in a report that if Aquila could not convince the WA Government it could fund both its West Pilbara API iron ore joint venture and the port they expected Fortescue would "pounce on the opportunity to drive this project". Aquila and Fortescue are lobbying furiously to be in charge of developing the port at Anketell Point, which has the potential to rival Port Hedland's. Lead proponent status is important because it will determine the speed and scope of development. Aquila, the only party to have started work on getting environmental approvals for the port, wants it by early 2014 but Fortescue does not need it until 2015. Premier Colin Barnett is expected to make a decision within months, although he has not ruled out third party involvement. "Aquila must progress its funding plans ASAP to secure the lead proponent position," Ms Grose and Mr George said...