IRON Road has welcomed the announcement of $25 million in funding to support the Cape Hardy port precinct.
The investment will support the Cape Hardy proposal, which Minister for Infrastructure, Transport and Regional Development Michael McCormack said would bring together agriculture, mining, green manufacturing and indigenous business into a multi-user, multi-commodity manufacturing and export hub.
"Right across SA and the nation, we are investing in the critical infrastructure needed to connect our world-class food, fibre and commodities to export infrastructure," he said
Iron Road chairman Dr Peter Cassidy said the company was very pleased the federal government had reinforced Infrastructure Australia's 2016 decision to classify Cape Hardy as a priority project for the nation.
"This important grant support validates Iron Road's nine-year effort to develop SA's first deep water, multi-user, multicommodity port," he said.
"It is also testament to the overwhelming encouragement provided by key stakeholders who understand the regional economic growth benefits that arise from efficient supply-chain and export infrastructure."
Iron Road chief executive officer Larry Ingle said the funding announcement was fantastic news for the state and Eyre Peninsula communities.
"This $25 million seed funding is expected to drive the balance of equity and debt finance required for the Cape Hardy Stage I port development," he said.
"Together with our Stage I foundation partner, Eyre Peninsula Co-operative Bulk Handling, we look forward to progressively communicating the detailed business case and new strategic partners.
"Financial close and construction is aggressively being targeted in 2020 to accelerate this long-awaited infrastructure for the Eyre Peninsula."
Federal Member for Grey Rowan Ramsey said proponents of renewable hydrogen, graphite, grains, hay and iron industry had all been pressing for support to develop a multi-commodity port and the Cape Hardy commitment should help the proponents secure the rest of the funding they need from other interested parties to make this project a reality.
"If we are to realise our true potential we need to ensure we have the right infrastructure in place for other projects," Mr Ramsey said.
"It has long been my view that a Cape Class capable deep sea port in SA on the Eyre Peninsula is needed and once established link it to the national rail grid at either Lincoln Gap or Whyalla, thus providing port access for billions of tonnes of iron projects in the state's north which at this stage have no viable path to market.
"The government also recently committed up to $40 million in funding through the Australian Renewable Energy Agency towards the development of pumped hydro in SA.
"The kind of investment in supporting infrastructure we are announcing today is critical to maximising the benefits of these future growth industries to create more jobs and investment in regional SA."
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