Port Waratah Coal Services has doubled the spending for its planned T4 coal loader in Newcastle.
The company approved an additional $60 million for the loader, taking its total cost up to $110 million, according to the Newcastle Herald.
To date the overall size of the loader has not been confirmed, with the company saying it will depend on the approvals process.
However, it is believed that the cost of the development may run between $4billion and $5 billion overall.
The loader has been a contentious issue for Newcastle, as both Port Waratah and local mining magnate Nathan Tinkler were proposing to build massive coal loaders at Kooragang Island and Mayfield respectively.
Following a massive approvals process PWCS's T4 loader won out in the end.
The company has already taken steps in developing the project, acquiring land at Tomago and Ellalong Lagoon, which cost it more than $10 million.
It also spent around $40 million on environmental studies and scoping works.
According to Port Waratah CEO Hennie Du Plooy the company has also committed an additional $60 million for geotechnical investigations and engineering works.
‘‘This allocation will also include work on the identification and specifications of major equipment, which will allow PWCS to start placing orders for major components with long lead times,’’ Du Plooy said.
The plans for the T4 coal loader officially went public in March this year, and so far the plan has received 485 submissions over the development after the government extended the time available for comment.