Aurizon welcomes positive vote on Queensland Train Crew and Transport Operations Enterprise Agreement
Update on Queensland Enterprise Agreements
Aurizon renews coal haulage contract for Dawson and Callide Mines with Anglo American and Mitsui
Aurizon uses drones to inspect rail assets
Aurizon welcomes Fair Work Commission decision to terminate Enterprise Agreements
Aurizon welcomes SIMTA and MIC Moorebank agreement
Aurizon reaches in principle agreement with unions on train crew EA
Aurizon welcomes positive vote on Queensland Construction and Maintenance Enterprise Agreement
Aurizon sets up Perth hub
Aurizon chief Lance Hockridge not done shaking up rail giant
Aurizon Ltd and GVK Hancock's Abbot point coal terminal development in Queensland’s Galilee basin has progressed with a non-binding financial and governance agreement between the two parties.
In a statement to the Australian Securities Exchange, Aurizon said the proposal would provide equity and debt funding – including through third parties – for the projects to reach financial close.
“The parties have made further progress over the last few months and have reached alignment on a rail solution and on the commercial terms for the proposed transaction such as governance, timing of milestones, funding and conditions for completion,” Aurizon said.
“Whilst the proposal remains non-binding and with further diligence to be undertaken, the parties are aligned on these key aspects of the proposal, with drafting of definitive legal documents now being undertaken."
The group said the 500 kilometres of new corridor and track in the original JV announcement in March would now be reduced to 300km initially before connecting to exisiting Aurizon infrastructure.
“This will also allow a phased development at the Abbot Point T3 terminal to match volumes and ramp-up, thereby materially reducing the initial cost of infrastructure,” the group said.
As previously announced, Aurizon will acquire a 51 per cent stake in Hancock Coal Infrastructure Pty Ltd (HCI), which owns GVK Hancock’s rail and port projects including the Alpha, Alpha West and Kevin’s Corner coal projects in the Galilee basin.
“There’s been considerable work by both parties over recent months to better define the rail transport solution for the project, both from an engineering and a commercial perspective,” Aurizon managing director and chief executive officer Lance Hockridge said.
This article first appeared on www.businessspectator.com.au
About this website
Railpage version 3.10.0.0037
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest is © 2003-2020 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.