IN A significant development promoting Queensland's future growth, Hancock Coal Infrastructure Pty Ltd (GVK Hancock) and QCoal have entered into a Memorandum of Understanding (MoU) for the two companies to work together on coal transportation services.
The services are to be provided by GVK Hancock to QCoal for approximately 20 million tonnes of coal per annum.
It is anticipated QCoal's product will be transported using the infrastructure being developed by GVK Hancock, including the Galilee Basin North - South rail line, recently announced as the preferred rail corridor by the Queensland State Government.
The MoU sets out the key commercial principles, including the scope of services, pricing principles and service requirements, for GVK Hancock to provide transportation services to QCoal and its joint venture parties.
GVK Hancock and QCoal have also been in detailed discussions which have identified numerous areas of co-operation set to benefit the projects being developed by both parties and to contribute significantly to the economic development of Queensland.
The companies welcomed the latest development.
GVK Hancock noted that executing the agreements for utilising GVK Hancock's transport infrastructure will be seen as a major milestone towards providing third party users with fair, commercial access to infrastructure capacity.