Australia will sport another mega-port, with the green light given to the $7 billion West Pilbara Iron Ore Project.

The joint venture by international firms will see a new deep-water port at Anketell and a new railway network across Western Australia's Pilbara region.

Local logistics firm Aurizon has secured exclusive rights to develop the infrastructure, backed by China's Baosteel Resources, Korea's POSCO and American Metals and Coal International.

The first exports from Anketell are planned for 2017 and should eventually hit more than 350 million tonnes a year.

One local mayor says it shows China will want Australian iron for years to come.

“We think it'll be a great project,” Karratha Mayor Peter Long says.

“It'll mean there's a lot more jobs, it will give a great boost to the local economy that's been sagging a bit with the end of the construction boom [and] it will probably mean an increase in property prices again.”

The port will not be too exclusive, with deals being drawn up for a multi-user, multi-commodity operation.

The site has the potential to become the biggest port in Australia.

The WA Government put up the proposal for a site on greenfields land just 30 kilometres east of Karratha.

Finding good port space is an ongoing issue for companies in the Pilbara, particularly smaller operators.

Reports say the development will allow services for multiple port users and some production capability in a nearby industrial area.