In an operational update that included the news that Aurizon had set aside $55-65 million as impairments just for redundancy packages this financial year, the company also planned to write off $40-45 million for assets under construction.

This was seen as a direct consequence of the recent scrapping of the Dudgeon Point coal terminal project and a lack of investment interest in WICET phase two, which it said was “unlikely to progress in the immediately foreseeable future”.

Yet amid the cost cutting and expenditure overhaul, work is still going ahead with the GVK/Hancock Coal joint venture to develop a rail corridor for the stranded Galilee Basin coal region despite ongoing downturn for the thermal coal sector.

“Negotiations continue and the company expects to make a further announcement with respect to definitive documents in the coming weeks,” Aurizon revealed.