Australian mining giant BHP Billiton has announced the approval of the Newcastle Third Port Project, which will be managed by Newcastle Coal Infrastructure Group Pty Ltd (NCIG).
The project, in which BHP Billiton will make an investment worth AU$457.13 million (US$390 million), involves the construction of a 30 million mt per annum export coal loading facility with the option to expand to 66 million per annum in the future.
The port, located on Kooragang Island in Newcastle, New South Wales (Australia), will include a rail unloader, stockpile facilities, a ship loader and two berths in the south arm of the Hunter River and is due to load its first coal shipment in late 2010.
Commenting on the project, president of Coal BHP Billiton, Dave Murray, said, "This project is an important strategic investment. It underpins our ability to pursue growth options in our New South Wales Energy Coal business and enables us to meet strong demand from our customers."
The shareholders in NCIG are as follows: BHP Billiton, 35.5 percent (through Hunter Valley Energy Coal Pty Ltd); Peabody Coal, 17.7 percent (through Excel Coal Limited); Felix NSW Pty Ltd, 15.3 percent; Donaldson Coal Pty Ltd, 11.6 percent; Whitehaven Coal Mining Limited, 11.1 percent, and Centennial Coal Infrastructure Pty Ltd, 8.8 percent.