BHP rail crews applied brakes to the wrong train just minutes before the brakes of another iron ore train on the adjacent track failed, sparking a $300 million derailment disaster, a preliminary report has found.

The Australian Transport Safety Bureau report provides shocking details on how the 268-wagon, 42,500-tonne train reached speeds of up to 162km pe hour before it was finally derailed on the company's private rail line 120 kilometres south of Port Hedland on November 5 last year.

BHP had to forcibly derail the train. Credit:Imgur

The ATSB report only looked at the events leading up to the derailment and did not lay responsibility on anyone, including the driver of the train, South Australian man Peter Frick, 63.

He was driving M02712 at the time and was sacked just days before Christmas following the catastrophe.