Rise and rise of Queensland’s coal
The first shipload of coal leaving the expanded Abbot Point Coal Terminal 1 (APT1) was closely followed by Vale throwing its hat into the ring after one of the new terminals to be built at the port.
The port is set on an AS$6.2bn (US$6.5bn) four terminal expansion which aims at adding around another 120m tonnes to the port’s capacity.
The APT1 lease to Mundra Port Pty Ltd – an Adani subsidiary – was only finalised a week before the first coal shipment left. The AS$1.829 billion 99-year deal leaves the land and existing port infrastructure owned by North Queensland Bulk Ports Corporation (NQBP) on behalf of the Queensland Government.
Chief executive officer of NQBP, Brad Fish, said this present expansion already makes Abbot Point one of the largest coal terminals in the world, as it “more than doubles the current export capacity from 21 million tonnes per annum to 50 million tonnes.”
The deadline to lodge expressions of interest to build the Abbot Point terminals closes on 1 August, NQBP said on its website.
Mr Fish explained NQBP was already working with preferred developers Hancock Coal Limited and BHP Billiton Limited to progress two terminals (APT2 and APT3). All together the new terminals could take the port to a nominal capacity of 110m tonnes per annum (mtpa) and potentially up to 170 mtpa. Design work and environmental approvals are already underway.
Proceeds from the lease of APT1 will go to Queensland’s natural disaster recovery following devastating floods and Cyclone Yasi earlier this year.
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