Adani Mining Pty, a subsidiary of the Ahmedabad-based $9.2-billion Adani Group, said on Wednesday that it had signed a memorandum of understanding (MoU) with Posco E&C, a subsidiary of the South Korean steel giant, for the construction of a new strategic terminal at the Abbot Point port to export high-quality coal at competitive rates.
The new terminal, 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 E&C.
“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 tonne 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.
“Long the lifeblood of Bowen, expanding the port is key to Adani’s plan to deliver 10,000 jobs in Queensland, opportunities for small and medium sized enterprises in the region, and $22 billion in taxes and royalties from our integrated project to be delivered back into frontline services here,” it said.