Glencore and Adani have reached an agreement over the future of Queensland’s Abbot Point Coal Terminal.
Adani acquired a 99-year lease of the terminal from the state government in 2011, and since then, it has been operated by Abbot Point BulkCoal (APB), a subsidiary of Glencore.
Glencore has now agreed to sell its stake in APB to Adani’s Abbot Point Operations (APO).
APB will continue maintain and operate the terminal, under Adani’s ownership.
Adani has invested more than $1.8 billion in the existing terminal, a key feature of the Bowen Basin region.
APO expects minimal management changes following the deal, with workers to continue to be employed under the current terms.
“Today’s transition is a key milestone in our well advanced plans for Abbot Point, and is yet another demonstration of Adani’s commitment to building a long term future with Queensland,” Adani Australia CEO Jeyakumar Janakaraj said.
Glencore will continue to export coal from its Newlands and Collinsville mines through the terminal.