Centennial Coal Confident On Port Capacity After Court Ruling
August 12 2009 - 7:15PM
Dow Jones News
Centennial Coal Ltd. (CEY.AU) said Thursday it is confident it
will have sufficient port capacity for its growing exports despite
a court ruling that it must make capacity available to Xstrata PLC
(XTA.LN) at the Newcastle Coal Infrastructure Group
development.
Centennial gave undertakings to Xstrata with respect to its
stake in NCIG at the time of its sale of the Anvil Hill project to
the Switzerland-based miner.
Xstrata in turn undertook to assist Centennial to obtain extra
port capacity at the existing coal terminal at Newcastle, but after
a year of negotiation the parties have been unable to resolve the
matter and referred it to the New South Wales Supreme Court.
Centennial said the court has now ruled that the agreement
between the two remains on foot for the time being, meaning
Centennial is required to make port capacity in NCIG available in
the future for the export of material from Anvil Hill, which
Xstrata now calls the Mangoola Project.
The Sydney-based miner said it is reviewing the court's decision
and considering its position, but has sufficient port capacity for
its immediate future.
In the long term, the miner said it is confident it will have
sufficient capacity thanks to the implementation of a new port
access regime for Newcastle and the potential doubling of the
port's capacity over the next few years.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.com
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