Once completed, the upgraded track will provide increased capability and connectivity for resources companies across the state's port and rail network, and will enable greater access to Geraldton port and, over time, complement the proposed Oakajee port and rail development.

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"Rail access is a critical issue for resources companies in the mid-West region of Western Australia, especially given the current capability of much of the existing below-ground infrastructure, which was developed last century for grain haulage use," said Alen Pazin, a senior partner in the firm's banking and finance team in Perth.

"This infrastructure is critical to our iron ore and other commodity producers to enable them to get 100 per cent of their product to port and to access export markets - in particular, [China]."