A bankable feasibility study is currently in progress as the company work towards its target commissioning date of 2014.

Capital costs have already been estimated at around $A1.9 billion, which includes the construction of a proposed 80 kilometre spur line linking it with Fortescue Metals Groups Pilbara rail network to Port Hedland.

Brockman is currently in discussions with FMG regarding the finalisation of a landmark infrastructure and marketing agreement for Marillana.

Located 100km northwest of Newman in the East Pilbara, the project is being designed to produce at a rate of 17-20 million tonnes per annum with a final product grading up to 61.5% iron over a minimum 25-year life which would generate revenues of more than $60 billion.

It has current JORC-complaint haematite reserves of 1.05 billion tonnes.

Other key approval processes, such as work approvals and the mining proposal, are also well advanced and now in final draft.

Also, the section 91 license for the proposed Brockman rail corridors has been recently granted, with heritage surveys underway for other key infrastructure corridors, including Brockman’s proposed gas pipeline corridor and rail spur line.

Earlier this month Brockman failed in its attempt to block an offer from hostile predator Wah Nam International through the Takeovers Panel.

A month earlier Brockman claimed Wah Nam was in breach of the Corporations Act 2001, saying Wah Nam had arranged for associates Leading Pride and Star Ray International to acquire shares when it was bound by the 20% limit provision, putting it in breach of section 606 of the act.

Wah Nam launched separate all-scrip takeover bids for iron ore explorers Brockman and FerrAus in November last year and, at the time, the offer for Brockman was valued at $A932 million.

Those offers were due to close yesterday.

Shares in Brockman were down 0.4% or 2c in morning trade to $5.01.