27 September 2007

Establishment of a Third Newcastle Coal Loading Terminal

Today the Australian Government approved, under the Australian Government’s foreign investment policy, the establishment of a major new coal terminal for the Port of Newcastle. 

The new coal terminal and shiploading facilities to be built near Kooragang, will include new rail infrastructure, stockyards and a deepening of the Hunter River.  The consortium building the terminal facilities – the Newcastle Coal Infrastructure Group (NCIG) – has estimated the project will create up to 1,000 extra jobs in the Hunter, boosting coal exports by $1 billion and generating up to 5,000 jobs across New South Wales. 

Overcoming infrastructure bottlenecks, including in the coal export sector in New South Wales and Queensland, is a key economic priority for Australia.  The current bottlenecks have resulted in delays and unnecessary costs for exporters.  Earlier this year, there were lengthy queues of empty ships off the major east coast coal ports waiting to load cargoes bound for the thriving north Asian markets.

I welcome the massive investment being undertaken by NCIG to help overcome the bottlenecks that have unnecessarily cost Australia jobs and growth.