The West Australian government will spend $3.5 million developing Anketell, 30km east of Karratha, as the Pilbara's new deep-water iron ore port and industrial precinct.
Announcing the initiative on Thursday, WA Premier Colin Barnett said the multi-user port and industrial precinct would complement Port Hedland and Dampier ports.
"The port will be serviced by existing towns, especially nearby Karratha, providing further business and development opportunities for Pilbara communities," Mr Barnett said.
The WA government will spend $3.5 million over the next three years preparing an industrial precinct development agreement for the project.
It will include the port capable of shipping 350 million tonnes of iron ore a year and a 1400-hectare industrial area.
Iron ore miners Fortescue Metals Group, China Metallurgical Group and API Management have been identified as potential private investors in the project.
"The government will work with these companies or an infrastructure provider to develop the project, with plans to commence operations by 2015," Mr Barnett said.
