MUMBAI: Adani Ports and Special Economic Zone’s(APSEZ) Australian unit has agreed to buy Abbot Point Bulk coal (APB), a company that operates Abbot Point Coal Terminal in Queensland.
Under the agreement, Abbot Point Operations (APO) acquires 100% of shares in APB from Glencore Coal Queensland upon receiving certain approvals.
Abbot Point has currently one operating terminal named Adani Abbot Point Terminal having a firm take or pay contract for 50 million metric tons of cargo annually.
The terminal was acquired by the Adani Group by way of a 99-year lease from the Queensland Government on 1 June 2011.
“The acquisition of APB gives APSEZ an access to operating 50 mmtpa capacity in a developed economy on a cost plus basis with no capital investment. APO would operate as a stand-alone entity from AAPT and Adani Mining,” the company said in a release.
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Source: Economic Times
