NSW to lease Newcastle port coal terminal for 99 years
Australia's Newcastle port, one of the world's largest for coal exports, could be the next one to be handed to a private company in Australia. New South Wales treasurer Mike Baird announced plans for a 99-year lease of the port in his budget statement last Tuesday.
Treasurer Baird said the NSW government would only proceed with the port sell-off if a feasibility study showed it would provide value for money.
Within Newcastle port's precincts sit three coal terminals owned and operated by Port Waratah Coal Services and Newcastle Coal Infrastructure Group. In 2012, Newcastle port's three terminals together shipped around 132.5 million mt of coal -- 105.8 million mt for PWCS and 26.7 million mt for NCIG.
Baird did not say how much revenue is expected from the lease on Newcastle port, although he noted that a 99-year lease on Port Kembla, a smaller coal export port in New South Wales, raised A$760 million ($728 million) when auctioned in April.
On May 31st, 2013, NSW Ports, a consortium composed led by Industry Funds Management and including AustralianSuper, Cbus, HESTA, HOSTPLUS and Tawreed Investments Limited, a wholly owned subsidiary of the Abu Dhabi Investment Authority assumed management of Port Botany in Sydney and Port Kembla in Wollongong through 99 year lease agreement.
Source: NSW Treasury
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