Mr Packer reportedly received a personal briefing from Mr Forrest in July on the merits of a Fortescue investment. Fortescue's ambitious plans include developing a $3.2 billion mine targeting initial exports of 45 million tonnes of iron ore from May. After yesterday's find, it raised its eventual annual production target from 100 million tonnes to 200 million - compared with BHP Billiton's current exports of 90 million tonnes. Fortescue is spending $2 billion on a 255-kilometre rail line and facilities at Port Hedland. But Australian institutional investors are wary. Much of the investor interest in Fortescue is offshore. The whole project is built on contracts with Chinese customers. Mr Forrest has attracted the interest of the Australian Securities and Investments Commission. A court case is continuing over allegations of misleading and deceptive conduct relating to some of these contracts.