A four billion dollar development project of the Oakajee port in Western Australia is currently subjected for review by the state's Treasury.

According to a report by the Senate Committee hearing on Tuesday, the Federal and WA governments have both committed $339 million for the development of a deep-sea port based in North Geraldton to increase iron ire exports in the region.

Oakajee Port and Rail already passed the bankable feasibility study into the project.

Michael Deegan, the infrastructure Australian coordinator, confirmed the WA government is completing due diligence on the project.

"The draft bankable feasibility is with the government at the moment," he said during an estimates hearing in Canberra on Wednesday.

Murchison Metals and Mitsubishi will also invest for the remaining amount. Both companies are also part owners of the project.

Chinese-state owned Sinosteel Corporation also owns a small stake in Murchison Metals.

Construction of the project will commence this year and will run for four years, which may generate at least 2000 jobs.

Mr. Deagan also admit he was oblivious on the concerns of the project's proponents on the impact of the Federal Government's proposed resource super profits tax.

On the other hand, WA Premier Colin Barnett said several companies may face financial challenges for the project but is optimistic it would push through.

Mr. Deagan said the estimated cost of the project may or may not be refined by the WA government.