Two Australian Coal Companies Secure Rail Access To Newcastle Port
16 Agosto 2011 - 12:19AM
Noticias Dow Jones
Two of Australia's largest listed coal companies announced
access agreements with a government-owned operator to Newcastle
port Tuesday, raising prospects for increasing exports from the
site.
Aston Resources Ltd. (AZT.AU) and Whitehaven Coal Ltd. (WHC.AU)
both said they had entered into agreements with the Australian Rail
Track Corp.
Aston said it had signed an agreement that would allow 5 million
tons a year of exports from the third quarter of 2013, meanwhile
Whitehaven said it had entered into agreements that would match its
long-term production and port capacity, with agreements on a
10-year term.
Aston also said that it was confident of securing "significant
surplus port capacity" at Newcastle, the world's biggest coal
export harbor, from 2013 onwards.
"Aston will secure the balance of its required port capacity
through a combination of short and medium-term capacity and
blending deals with other export producers," the company said.
The companies operate mines in the Gunnedah Basin, a
little-exploited region north of Australia's Hunter Valley in New
South Wales state where the world's biggest mining group and
biggest coal miner, BHP Billiton Ltd. (BHP) and China Shenhua
Energy Co. Ltd. (1088.HK), also hope to develop mines.
Increasing rail access to the region is a key hurdle to
developing its coal resources.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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