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WA Premier and State Development Minister Colin Barnett said Oakajee Port and Rail would no longer have exclusive rights over the project from the start of 2012, opening the way for the government to work with industry to attract new partners to develop the $5.96 billion project.

“Oakajee will be built; Western Australia needs a deepwater port in the Mid West to unlock the region’s potential,” he said.

“The state government will continue to work with OPR as a proponent, but we will also be considering a broader range of options.”

Barnett said the change to the exclusive agreement would create new opportunities for attracting Chinese involvement, reducing the already massive capital cost of the project and separating infrastructure development and mining interests.

Barnett has not been shy in his bid to attract Chinese support for the project. Earlier this year, he made a mercy mission to China in a bid to bring more Chinese involvement into the development.

“The government will continue to encourage Chinese participation,” he said.

“This is vital to the project because Chinese companies have major interests in Mid West iron projects and China is likely to be the biggest customer for the region’s iron ore.

“We are also very interested in considering proposals for reducing the cost of the project.

“Our aim is to find a solution that suits all the players in the region – this will ensure the success of the project.”

Barnett also gave a tick of approval to Mitsubishi Development’s $A325 million acquisition of Murchison Metals’ stake in the Oakajee port and rail project and Jack Hills mine in Western Australia’s Mid West region.

Earlier, the Foreign Investment Review Board gave the all-clear to the acquisition.