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| Coal industry bid ticks all the boxes |
The Queensland Coal Industry Rail Group’s $4.85 billion cash offer for the central Queensland coal track network ‘ticks all the boxes’ for the state government and taxpayers, the Chief Executive of the Queensland Resources Council Michael Roche said today.
‘This is a premium offer by the 13 largest users of the central Queensland coal track network to take charge of their own destinies,’ Mr Roche said.
‘The bid – on behalf of the companies producing 98 per cent of Queensland’s coal exports – ticks all the boxes not only in terms of locking in a compelling financial result for the state government but also in ensuring that the interests of smaller producers, new entrants and other industries using the central Queensland coal rail network are protected.
‘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.’
Mr Roche said the coal industry’s track network bid would provide the state government with a new playing field to consider 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.
‘With uncertainty hanging over the world’s stock markets, the state government has been given a gilt-edged opportunity to reconfigure its QR National asset sale plans while underpinning the future growth of the state’s leading export industry,’ Mr Roche said.
Media contact: Jim Devine (07) 3292 9560
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