Australia's Competition Regulator Allows Wiggins Producers To Bargain With QR National
December 21 2010 - 12:34AM
Dow Jones News
Coal producers using the planned Wiggins Island Coal Export
Terminal will be able to collectively bargain with rail haulage
company QR National Ltd. (QRN.AU), Australia's competition
regulator said Tuesday.
Wiggins Island, owned by a consortium of 16 coal producers from
Queensland's Bowen Basin, plans to export up to 80 million tons a
year from its site near the port of Gladstone, with first exports
due in 2014.
Access from the Bowen Basin mines to the planned A$5 billion
port will be via the Moura and Blackwater rail systems operated by
QR Network, the coal freight division of the newly-listed state
rail operator QR National.
Collective bargaining approvals such as the one issued by the
Australian Competition and Consumer Commission are routinely
granted to producer-owned infrastructure groups in Australia's coal
industry.
"The ACCC considers these arrangements will result in
significant transaction cost savings for the parties involved and
help to avoid possible delays in the terminal's construction and
new coal export earnings," said ACCC Chairman Graeme Samuel.
Wiggins Island's main consortium members include subsidiaries of
Xstrata PLC (XTA.LN), Yanzhou Coal Mining Co. Ltd. (YZC) and
Wesfarmers Ltd. (WES.AU).
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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