Adani and Glencore have reached an agreement on the future operation of the Abbot Point Coal Terminal in Queensland, Australia.
Adani has owned the sole operating terminal at Abbot Point – the Adani Abbot Point Terminal – since 2011 after acquiring a 99-year lease from the Queensland Government. Glencore has operated the terminal since then through its subsidiary, Abbot Point BulkCoal Pty Ltd (ABP).
Glencore has now agreed to sell the shares in ABP to Adani’s Abbot Point Operations Pty Ltd (APO). ABP will continue to operate the terminal under Adani’s ownership.
The transaction marked a “key milestone in our well-advanced plans for Abbot Point,” said Adani Australia CEO Jeyakumar Janakaraj. The company has already invested more than US$1.8 billion in the existing terminal at Abbot Point.
Glencore will continue to supply coal for export to the Abbot Point Coal terminal from its opencast coal mines at Newlands and Collinsville.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/handling/21092016/adani-and-glencore-reach-terms-on-abbot-point-2016-2448/