A Chinese company has won the bid to operate the Port of Darwin under a 99 year lease worth AUS$506, largely on the merit of its expansion plans, says the Australian media.
ABC Online said that the agreement with the Landbridge Group will include the lease of Darwin Port and the facilities of East Arm Wharf and Fort Hill Wharf.
Within five years the Chinese investor must find an Australian investor to purchase the remainder 20% stake, which for the moment will remain with the Northern Territory Government.
Before this announcement was made, the NT Government had been trying to address environmental concerns about an expansion of operations in the area.
The local community is worried about Aboriginal cultural sites and World War II historic sites. But the Government has attempted to reassure worried parties on its departmental website.
“We understand the need to protect our natural environment,” it said. “Any lease of the port and ongoing operation by a private investor would need to comply with NT and Federal Environment regulations.”
Meanwhile, Landbridge has been quoted as saying it plans on making a considerable investment at the port. It plans on encouraging two way growth between Australia and Asia.
The Chinese takeover is not without its opposition by those that strongly condemn the sale of the publicly owned port to a private Chinese investment firm.
The NT Maritime Union of Australia (MUA) said that the port has only been sold off to raise a short term windfall. As well as the environmental concerns there is also some concern for the future jobs of the workers at the port.
