Premier Colin Barnett says he is concerned Padbury Mining's bid to restart the stalled Oakajee port and rail project lacks substance.
The junior miner last week announced it had secured a $6.5 billion funding deal to construct the project, but said its backers wanted to remain anonymous.
Hours later it was forced into a trading halt as the Australian Securities Exchange called on it to name the backers.
That announcement was due on Tuesday but has been further delayed by the company until Thursday.
When asked whether Padbury's plan was realistic, the Premier replied: "I don't see that it has a great deal of substance but I've had no discussions with Padbury."
Mr Barnett said he believed Oakajee's future lay with China.
In 2008, Japan's Mitsubishi eclipsed a rival bid from China to build the deepwater port and rail line north of Geraldton.
But Mitsubishi stopped all works last June, citing poor economic conditions.
Mr Barnett said he had talks last week in China with state-owned CITIC Group and steelmaker, Baosteel, about financing WA iron ore projects.
"I was pleasantly surprised by their desire to get on with the Anketell project in the Pilbara and also to reinvigorate Oakajee in the Mid West," he said.
"Still a way to go but I'm confident that CITIC will lead the Chinese interests in the Mid West."
PDY Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
