Australian mining giant BHP Billiton announced Wednesday that it has approved an investment of US$367 million for the third stage of the development of its Newcastle Coal Infrastructure Group's (NCIG) coal handling facility in Newcastle, Australia. BHP Billiton's wholly-owned subsidiary, Hunter Valley Energy Coal Pty Ltd, is a 35.5 percent shareholder in the holding company of the NCIG.
The port expansion project will increase total capacity at the coal terminal from 53 million metric tons (mt) per year to 66 mt per year.
The first coal on the new ship loader is scheduled to occur in the 2014 financial year, with the terminal expected to operate at full capacity within the following 12 months.