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Hancock Coal, Aurizon Ink Deal to Jointly Build Port, Rail Facilities in Galilee Basin

Hancock Coal and rail freight company Aurizon inked an agreement for the joint development of new rail and port facilities in Galilee Basin. The project is estimated to cost $6 million.

With the port and rail facilities, the venture is expected to unlock the Galilee Basin coal reserves by providing the capacity to ship 60 million tonnes of coal yearly.

The two will build a Greenfield rail system and a coal terminal at Abbot Point. The agreement will have Aurizon acquire a 51 per cent stake in Hancock Coal Infrastructure which owns the GVK Hancock rail and port projects.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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