UPDATE: QR National, Asciano Sign Coal Haulage Deals With Rio
22 December 2011 - 2:44PM
Dow Jones News
Rail operators QR National Ltd. (QRN.AU) and Asciano Ltd.
(AIO.AU) Thursday signed new 10-year deals to haul millions of tons
of coal for Rio Tinto PLC (RIO) from its mines in Australia's
Queensland state.
In statements to the Australian Securities Exchange, QR National
said it would haul three million metric tons per year from Rio
Tinto's Blair Athol/Clermont operations, while Asciano will move a
combined 8.5 million tons from the miner's Hail Creek and Kestral
mines, all located in Queensland's coal-rich Bowen Basin.
Australia is one of the world's largest exporters of coal, with
the Bowen Basin accounting for close to 60% of global supplies by
sea of the steelmaking form of the commodity. BHP Billiton Ltd.
(BHP), Rio Tinto PLC (RIO), Xstrata PLC (XTA.LN) and others
continue to ramp up production of coking coal to feed Chinese steel
mills.
Asciano's deal is in addition to existing haulage contracts with
Rio Tinto.
The company said in a statement that the new contract starts in
November 2013, and will see coal hauled to the Dalrymple Bay Coal
Terminal near the central Queensland coastal town of Mackay.
QR National, Australia's largest rail freight company, said in a
statement that its contract leverages its 1.1 billion Australian
dollar (US$1.1 billion) Goonyella to Abbot Point expansion
project.
-By Gavin Lower, Dow Jones Newswires; +61-3-9292-2095;
gavin.lower@dowjones.com
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