Australian Port of Hastings to expand with massive government funding

AUSTRALIA's Port of Hastings in Victoria is expected to receive sizeable government funding to nearly quadruple cargo-handling capacity.

According to the port's development agency the government has committed to the project, reports Hoist magazine from Australia. It said media reports put development costs at an estimated A$12 billion (US$12.2 billion), including the construction of transportation links.

The Port of Hastings Development Agency said the government of Victoria is 'committed' to expanding the port's capabilities to accommodate handling of the 8 million TEU throughput that the port is anticipated to handle by 2035.

The government owned development agency, which was established in 2010, has begun work on early assessment and planning reports for the project.

The Australian Ports Minister Denis Napthine was quoted as saying: "The government is proceeding as planned, exactly on track, with the plans to develop Hastings as a new container port for Melbourne and Victoria. Any suggestion to the contrary is simply wrong."