Adani Group’s Australian subsidiary on Wednesday said it has signed a memorandum of understanding (MoU) with South Korean steel giant Posco for the construction of a new strategic terminal at Abbot Point coal port to export high-quality coal globally at competitive rates.
Terminal Zero (T0) will be constructed at the port of Abbot Point near Bowen town, Queensland, as per the MoU inked between the company and Posco.
“Construction of T0 is a vital step in ensuring that exports of high-quality, cost-efficient coal from mines such as Carmichael in the Galilee can be landed in markets throughout Asia competitively and at scale,” the company said.
“T0 will have a capacity for 40 Metric tonnes per annum initially with an expansion to 70 mtpa in its second phase.
The port at Abbot has always been the forefront of Adani’s plans to build a long term future with Queensland,” it said.
“This MoU is the latest in a host of recent announcements that bring our integrated mine, rail and port project closer to first coal in 2017. Posco E&C is a proven and trusted partner, and we welcome this opportunity to enhance our co-operation with them.
“From our perspective, Posco E&C’s decision to invest in this key piece of infrastructure reflects the confidence tier one players have in central components of our project such as the port’s expansion,” Adani’s Australian Country Head and Mining CEO Jeyakumar Janakaraj said.
