GVK Hancock signs MoU with QCoal for coal transportation
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GVK Hancock signs MoU with QCoal for coal transportation

Last Updated: Tuesday, December 11, 2012, 19:48
 
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GVK Hancock signs MoU with QCoal for coal transportation
New Delhi: GVK Hancock Coal, a GVK group firm based in Australia, has signed an initial agreement with QCoal for providing coal transportation services for about 20 million tonnes per year in Queensland state.

"In a significant development promoting Queensland's future growth, Hancock Coal Infrastructure Pty Ltd (GVK Hancock) and QCoal have entered into an MoU for the two companies to work together on coal transportation services to be provided by GVK Hancock to QCoal for 20 MTPA," GVK said in a statement.

It further said GVK Hancock is anticipating to transport QCoal's product through the infrastructure developedc by the Indian major in Queensland, which includes the Galilee Basin North - South rail line.

The company, however, did not disclose the financial details of the MoU, though it said the MoU has set out key commercial principles for GVK Hancock to provide transportation services to QCoal and its joint venture parties.

In September 2011, GVK had acquired 79 percent stake in in Alpha Coal and Alpha West projects and a 100 percent stake in the Kevin's Corner project in Queensland from Hancock Prospecting Pty Ltd for about USD 1.26 billion (nearly Rs 6,000 crore).

The project, which includes Alpha Coal Mine and a railway line between the mine and the port at Abbot Point in North Queensland had received final regulatory approval on October 10.

First phase of the project involves production of 30 million tonnes per annum (MTPA) from the mines, a 500 km railway line and a 60 MTPA capacity port at an investment of USD 10 billion. The project is expected to begin production from 2016.

According to Tuesday's statement of GVK, it will soon be finalising the operators to maintain and operate the infrastructure facilities and select major construction contractors for building the facilities.

The three mines of GVK Hancock together have estimated coal reserves of about 7.9 billion tonne and a production capacity of more than 80 MTPA when fully operational.

PTI



First Published: Tuesday, December 11, 2012, 19:48


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