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The company – which would change its name to Aurizon to reflect its growth outside of Queensland – was well positioned, he told the company’s annual general meeting.
“The medium to long‐term outlook for the markets we serve is robust,” he said.
“This is despite the short-term economic uncertainties and cyclical volatility affecting global markets.”
He said the company was aware of the commentary around a slowdown in growth in China and the flow‐on to the Australian resources sector.
“Clearly, tougher trading conditions are being felt by our customers and flowing on to our business in terms of softer coal volumes,” he said.
“But we’re confident the level of investment that has taken place in Australian resources over recent years has paved the way for a new phase of the boom – one which is underpinned by strong and sustained growth in export volumes rather than high commodity prices.”
QR National managing director Lance Hockridge told the meeting that the company would continue to expand the Central Queensland Coal Network so it could capture sustained growth in Queensland coal.
“A one‐third increase in the capacity is well underway,” he said
“The Goonyella-to-Abbot Point project was completed in FY2012, and Hay Point and Wiggins Island rail expansions are in progress.
“All up, this extra 70 plus million tonnes will take total system capacity to more than 300 million tonnes by 2015.”
Hockridge highlighted the “inherent value of this established, high‐quality infrastructure asset”
“This is especially so in a tough operating environment where customers are seeking cost containment and to maximise output with existing assets,” he said.
QR National’s balance sheet is strong, and it remains focused on positioning the business to be an efficient and competitive supplier for its customers and to capitalise on any profitable growth opportunities that arise, Prescott said.
“This is an exciting and dynamic time for QR National, as we seize on the many opportunities to create value for shareholders,” he said.
“We’re implementing the right strategy and with the right team to deliver improved results over coming years.”
