Newcastle Coal Infrastructure Group, partly owned by BHP Billiton Ltd., completed financing for a A$900 million ($824 million) expansion of a terminal at the port in Australia’s New South Wales state.
Export capacity will rise to 53 million metric tons a year from 30 million tons now, the group, known as NCIG, said in an e-mailed statement today. Construction will take place over the next two years. The terminal has planning approval to handle 66 million tons of coal annually.
NCIG, which includes Peabody Energy Corp., won a 2005 tender to build a third terminal at the world’s biggest export harbor for power-station coal, beating a bid by Port Waratah Coal Services Ltd., owner of the existing two terminals. Shipments from Newcastle rose by 6.7 percent last week while the queue of vessels waiting to load increased.
“The board has given the immediate go-ahead for the construction of the second stage of the terminal to meet export demand for coal from mines already in production, or about to start,” NCIG Chairman Michael Egan said.
Financing was negotiated with “a range of Australian and overseas financial institutions,” the group said in its statement. The expansion will increase export capacity at Newcastle to more than 180 million tons of coal a year by 2013, NCIG said.
Coal Volumes
The volume exported in the week ended 7 a.m. local time Aug. 9 rose to 2.19 million metric tons from 2.06 million tons in the preceding period, Newcastle Port Corp. said on its website today. Rio Tinto Group, Xstrata Plc and BHP Billiton are among mining companies that ship the fuel from the harbor.
Fourteen vessels were outside the harbor, up from 11 a week earlier. Fifty-six vessels were traveling to the port to load coal, Newcastle Port said. About 82 percent of the coal shipped out of the port in 2009 was used for power stations, according to Port Waratah.
Coal ships waited to load for an average of 14.88 days, up from 14.51 days, the Newcastle Port said in its report. That compares with 0.60 day for general-cargo vessels.
Power-station coal prices at Newcastle, an Asian benchmark, fell 2.4 percent, according to the globalCOAL NEWC Index. Prices dropped to $91.87 a ton in the week ended Aug. 6 from $94.15 in the previous period.
Export capacity will rise to 53 million metric tons a year from 30 million tons now, the group, known as NCIG, said in an e-mailed statement today. Construction will take place over the next two years. The terminal has planning approval to handle 66 million tons of coal annually.
NCIG, which includes Peabody Energy Corp., won a 2005 tender to build a third terminal at the world’s biggest export harbor for power-station coal, beating a bid by Port Waratah Coal Services Ltd., owner of the existing two terminals. Shipments from Newcastle rose by 6.7 percent last week while the queue of vessels waiting to load increased.
“The board has given the immediate go-ahead for the construction of the second stage of the terminal to meet export demand for coal from mines already in production, or about to start,” NCIG Chairman Michael Egan said.
Financing was negotiated with “a range of Australian and overseas financial institutions,” the group said in its statement. The expansion will increase export capacity at Newcastle to more than 180 million tons of coal a year by 2013, NCIG said.
Coal Volumes
The volume exported in the week ended 7 a.m. local time Aug. 9 rose to 2.19 million metric tons from 2.06 million tons in the preceding period, Newcastle Port Corp. said on its website today. Rio Tinto Group, Xstrata Plc and BHP Billiton are among mining companies that ship the fuel from the harbor.
Fourteen vessels were outside the harbor, up from 11 a week earlier. Fifty-six vessels were traveling to the port to load coal, Newcastle Port said. About 82 percent of the coal shipped out of the port in 2009 was used for power stations, according to Port Waratah.
Coal ships waited to load for an average of 14.88 days, up from 14.51 days, the Newcastle Port said in its report. That compares with 0.60 day for general-cargo vessels.
Power-station coal prices at Newcastle, an Asian benchmark, fell 2.4 percent, according to the globalCOAL NEWC Index. Prices dropped to $91.87 a ton in the week ended Aug. 6 from $94.15 in the previous period.