QCA Approves Wiggins Island Rail Agreement
Sydney, May 28, 2012 AEST (ABN Newswire) - Bandanna Energy Limited (
ASX:BND) advises that the Queensland Competition Authority (QCA) has approved the arrangements for the construction of the Wiggins Island Rail Project.
Managing Director of Bandanna Energy Michael Gray welcomed the decision, noting that it represents "another significant step in Bandanna Energy's path to exporting first coal through Wiggins Island Coal Export Terminal in the second half of 2014".
In September 2011, QR National's wholly owned subsidiary QR Network Pty Ltd executed commercial agreements with a consortium of coal companies, including Bandanna Energy, to construct rail capacity for haulage to a new export terminal at Gladstone. The other members of the consortium are Xstrata Coal, Aquila Resources (ASX:AQA), Caledon Resources, Northern Energy Corporation (ASX:NEC), Yancoal Australia Pty Ltd (Yancoal), Wesfarmers Curragh and Cockatoo Coal (ASX:COK).
The arrangements were subject to approval by the Queensland Competition Authority and financial close for the Wiggins Island Coal Export Terminal. Both conditions have now been satisfied.
First railings are scheduled for mid-2014 and align with Stage 1 port capacity through Wiggins Island Coal Export Terminal. In addition to being part of the consortium arrangements for construction of the rail capacity, Bandanna Energy has above rail and port contracts for 4Mpta from mid-2014 for its Springsure Creek Coal Project.
About Bandanna Energy Limited
Bandanna Energy Limited (ASX:BND) is uniquely positioned to become Australia's next coal producer. The company's core activities are exploration, project evaluation and development of thermal and PCI coal assets located in Queensland, Australia.
Bandanna Energy is the only ASX listed company with substantial coal assets in both the Bowen and Galilee basins subject to EIS and advanced mine studies. The company is committed to working constructively with the communities in which it operates, and delivering growing returns to shareholders, government and the community.
Bandanna Energy's Springsure Creek underground thermal coal project is scheduled to commence production in mid-2015. Bandanna is a 14% shareholder in Wiggins Island Coal Export Terminal (WICET) Stage 1 at Gladstone, with port allocation of 4Mtpa for the Springsure Creek Project, and has also secured the necessary infrastructure capacity for the integrated rail haulage of coal from the Springsure Creek Project to port.
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