Gina Rinehart's part-owned Queensland coal company has joined with Aurizon to develop new rail and port facilities for the Galilee Basin worth about $6 billion.
Freight company Aurizon says the development will unlock Galilee Basin coal reserves and help support the next phase of coal growth in the Bowen Basin.
Aurizon and Mrs Rinehart's joint venture company GVK Hancock plan to develop and manage a port and rail project with the capacity to ship 60 million tonnes per annum (mtpa).
The projects involve a greenfield rail project and a development right for a coal terminal at Abbot Point.
"The proposed development of the rail and port infrastructure which is expected to deliver export capacity of 60mtpa could represent an investment for Queensland in the order of $6 billion," Aurizon said in a statement on Monday.
Under the proposed deal, Aurizon will acquire a 51 per cent interest in Hancock Coal Infrastructure (HCI), which owns GVK Hancock's rail and port projects.
Aurizon believes the development will unlock Galilee Basin coal reserves, including GVK Hancock's Alpha, Kevin's Corner and Alpha West coal mines.Aurizon's shares were one cent higher at $4.07 at 12.20pm.
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