The Queensland Coal Industry Rail Group’s (QCIRG) $4.85 billion bid for the State’s central coal track network “ticks all the boxes,” Queensland Resources Council chief executive Michael Roche said today.
The QCIRG represents the 13 largest users of the rail network; companies that account for 98% of Queensland’s coal exports.
“The bid ticks all the boxes not only by locking in a compelling financial result for the State Government, but by ensuring that the interests of smaller producers, new entrants and other industries using the network are protected,” Roche said.
“The coal industry proposal, which includes the Federal Government-owned Australian Rail Track Corporation as the independent network operator, will ensure timely new investment in the network as well as open competition among rail freight companies, including QR National.”
According to Roche, the bid would allow the State Government to further explore options for QR National’s above rail assets, including rolling stock and railway workshops in regional cities.
“We expect that this bid will be viewed by most people in Queensland as deserving of serious consideration by the state government,” he said.
“With uncertainty hanging over the world’s stock markets, the State has been given a gilt-edged opportunity to reconfigure its QR National asset sale plans while underpinning the future growth of its leading export industry.”