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Nathan Tinkler has doubled the projected size of the coal-loader he wants built on the former BHP steelworks in Mayfield.
The proposal aims to handle up to 100m tonnes of coal a year and will be built in stages at a cost over $1 billion.
Hunter Ports managing director Steve van Barneveld said the company was still undertaking technical and financial analysis of the project to determine the its viability.
He said the development had the potential to be the best site for extra coal capacity in Newcastle.
The development runs contrary to agreements made within the Hunter coal industry to focus expansion plans on the other side of the river at Kooragang Island.
It is also opposed by the Hunter Development Corporation and Newcastle Port Corporation, the two government agencies controlling the steelworks site.
Last week Tinkler, 35, was named as the first billionaire ever to be listed in BRW magazine’s Young Rich List.
He topped the list for a second year running after the successful float of Aston Resources in August 2010.
Over the year Tinkler doubled the value of his fortune, which is now estimated to be around $1.13 billion.