The previous boss of Toll Holdings will finance new mining camps, led by Melbourne’s investment company Lyons Capital.
Paul Little will support Lyons, which has already begun gathering money for the project, touted to be more than $150 million.
The idea is from Lyons director Angus Reed. He was earlier involved in a bribery case in Dubai in relation to a property deal.
Lyons is looking at teaming up with Rio Tinto and other mining giants for the project. Rio Tinto has many mine sites in the Pilbara area.
As the AFR reports, Little is entering the mining industry at a time when the industry is facing a downturn, as projects face deferrals and companies cut costs and jobs with falling commodity prices.
But UGL chief executive Richard Leupen recently said miners have almost finished with their slew of cost cuts, which meant mining services had almost “bottomed”.