A Chinese company has won the bid to operate the Port of Darwin under a 99 year lease worth AUS$506, largely on the merit of its expansion plans, says the Australian media.
ABC Online said that the agreement with the Landbridge Group will include the lease of Darwin Port and the facilities of East Arm Wharf and Fort Hill Wharf.
Within five years the Chinese investor must find an Australian investor to purchase the remainder 20% stake, which for the moment will remain with the Northern Territory Government.
Before this announcement was made, the NT Government had been trying to address environmental concerns about an expansion of operations in the area.
The local community is worried about Aboriginal cultural sites and World War II historic sites. But the Government has attempted to reassure worried parties on its departmental website.
The NT Maritime Union of Australia (MUA) said that the port has only been sold off to raise a short term windfall. As well as the environmental concerns there is also some concern for the future jobs of the workers at the port.