30 companies interested in developing coal harbor in Queensland

Wed, 06 Jul 2011

Bloomberg quoted Australia Queensland state said 30 coal companies globally are interested in AUD 6.2 billion expansion of Abbot Point that would make the port the world’s biggest coal export terminal.

The government said Mr Craig Wallace the ports minister of the northeastern state joined company representatives touring the port as part of an expression of interest to expand its shipment capacity six fold to 300 million tons annually.

Coal demand is rising as China and India, the world fastest growing major economies produce more electricity and steel. Supply disruptions in Australia, the world biggest coal exporter because of record rainfall and rail and port bottlenecks have pushed up prices to a record this year.

Mr Wallace said in the statement “The world’s top coal companies are showing huge interest being part of the development. Global demand for Queensland’s coal is increasing and judging by the fantastic interest shown here today by industry and we’ll have customers and investors on hand to deliver this major project.” (sourced Bloomberg)