Abbot Point News
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Coal’s worst slump in seven years has failed to deter GVK Group and Adani Enterprises Ltd. from pressing ahead with a $21 billion bet on Australia’s Galilee Basin as other companies shelve projects amid rising costs.
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Australia’s Hay Point port, the world’s biggest export harbor for coal, may almost double its shipping capacity after the development of two terminals at the Dudgeon Point site, North Queensland Bulk Ports Corp. says.
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Australia’s Abbot Point plans to increase its export capacity 11-fold, transforming the port into the world’s biggest coal harbor as demand for the commodity from Asia rises.
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BHP Billiton Ltd., the world’s largest mining company, has won preferred developer status for the construction of a coal terminal at Abbot Point port in Australia’s Queensland state.
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Coal ships sailed away from the Queensland coast after ports and rail transport lines were closed as Tropical Cyclone Yasi approached Australia, the biggest exporter of the fuel.
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North Queensland Bulk Port Corp., managing the A$6.2 billion ($6 billion) expansion of the Abbot Point coal port in Australia, is in talks to add two more terminals to meet demand from developers of new mines.
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Adani Enterprises Ltd. , India’s biggest coal importer, agreed to pay A$1.8 billion ($2 billion) for the Abbot Point terminal in Australia’s Queensland state.
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The Queensland state government approved a A$9 billion ($9.24 billion) expansion of the Abbot Point coal export port to increase capacity to meet demand from producers in Australia, the world’s biggest exporting nation.
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Adani Enterprises Ltd. agreed to pay about A$1.85 billion for Australia’s Abbot Point coal export terminal, Reuters said, citing three unidentified people familiar with the sale.
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India’s GVK Group will raise $3.5 billion by December selling stakes in a unit and coal assets jointly held by Asia’s richest woman Gina Rinehart.
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