NEWCASTLE’S third coal-loader has announced a $900 million second stage that will increase its capacity by 75 per cent to 53 million tonnes a year.
The first stage of the Newcastle Coal Infrastructure Group terminal, which can handle 30 million tonnes a year, was officially opened in May and the decision to immediately proceed to stage two means that the construction workforce of up to 600 will be kept in place for the coming two years of work.
NCIG chairman and former NSW treasurer Michael Egan said the $900 million came from a consortium of Australian and overseas financial institutions and other investors.
NCIG’s move to 53 million tonnes means the port will have an export capacity of more than 180 million tonnes a year by 2013.
Exports this year are expected to total about 100 million tonnes.