AURIZON IN PRELIMINARY TALKS TO BUY COAL TERMINAL

AURIZON IN PRELIMINARY TALKS TO BUY COAL TERMINAL

LISTED freight operator, Aurizon (ASX: AZJ) says it is in talks to acquire a Queensland coal terminal.

The company emphasised the preliminary nature of its talks to acquire the Wiggins Island Coal Export Terminal (WICET) as part of a consortium of buyers.

While there is no certainty that these preliminary discussions will result in a transaction, it has proposed to buy WICET as part of a consortium deal, in which other members would acquire one or more of WICET's source mines.

Aurizon says the acquisition will guarantee the longevity of the coal terminal in Queensland.

"If successful, the consortium's proposal would provide a long-term, sustainable and economic solution for this important state and national infrastructure asset," says Aurizon in an ASX statement this morning.

"This could also incentivise expansion tonnages from existing mines and new mines."

In August, the company announced its FY17 results which were heavily impacted by Cyclone Debbie.

Underlying earnings before interest and tax was $836 million, reflecting the impact of Cyclone Debbie.

The group also reported a net loss after tax of $188 million, reflecting asset impairments and transformation costs.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Subscribe Now!
Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Enterprise roll-out "one of the biggest launches in Canva's history" as ARR hits $2.2b

Enterprise roll-out "one of the biggest launches in Canva's history" as ARR hits $2.2b

Sydney-headquartered graphic design and visualisation tool giant Ca...

The Star unsuitable to hold a casino licence, final Bell Inquiry submissions claim

The Star unsuitable to hold a casino licence, final Bell Inquiry submissions claim

The Star Entertainment Group (ASX: SGR) has been declared unsuitabl...

Businesses and directors could face huge penalties if they fail to disclose their climate impact

Businesses and directors could face huge penalties if they fail to disclose their climate impact

Large businesses will have to publicly disclose detailed informatio...

Australian Ethical to acquire Australian Unity's Altius Asset Management for $5.5m

Australian Ethical to acquire Australian Unity's Altius Asset Management for $5.5m

Australian Ethical (ASX: AEF) is set to upsize its fixed income bus...