Back in May 2009 the project was under review due to the global financial downturn, with funding troubles resurfacing as volatility returns to markets around the world.

Adding to a general tightening of credit around the world, Australia’s resources industries are also shrouded by uncertainty relating to the federal government’s resources super-profits tax proposal.

Xstrata has already stalled work for its Wandoan thermal coal project in Queensland’s Surat Basin because of the tax, with this project aiming to export through Wiggins Island.

Without naming coal company sources, the Australian has reported that the Wandoan setback would affect the second-stage expansion of WICET while next month’s target of getting financial commitments from the participating miners will not be met.

A WICET spokesperson told the newspaper that important milestones needed to be reached before financial close could be achieved.

The new terminal has initially targeted 25 million tonnes per annum of throughput with completion expected in 2013 – pushed back from a previous late 2012 deadline.

Full expansion of the terminal will lift capacity to 70Mtpa.

Members of the WICET consortium include Anglo Coal Australia, Aquila Resources, BHP Billiton, BHP Billiton Mitsubishi Alliance, Caledon Resources, Cockatoo Coal, Yancoal Australia, Jellinbah Resources, Macarthur Coal, Northern Energy Corporation, Qcoal, Rio Tinto Coal Australia, Syntech Resources, Vale Australia, Wesfarmers Curragh and Xstrata Coal Queensland.