Slowdown in Wiggins Island coal export terminal’s plans

Queensland’s $A2.6 billion Wiggins Island coal export terminal has scaled back plans to treble exports over the next few years as falling coal prices force mines to close, according to the Australian Financial Review.

The export terminal, which is owned by a consortium of eight coalminers, including Wesfarmers Curragh, Yancoal Resources and Bandanna Energy, had hoped to increase exports to around 60 million tonnes annually from 27Mt annually when it opens next year.

But the terminal’s chief operating officer Marcus McAuliffe said smaller increases in exports were now expected.

Aurizon halts projects, cuts jobs

Rail operator Aurizon has stopped projects, cut more jobs and increased write-downs by up to $160 million as it warned of a “more subdued” outlook, according to the Sydney Morning Herald.

Aurizon CEO Lance Hockridge said the company needed to make “a comprehensive response” to resources slowdown as he outlined total pre-tax write-downs of between $352 million and $382 million, including $222 million of previously announced impairments, for fiscal 2014.

Two coal-related rail projects under development - Dudgeon Point and phase two of the Wiggins Island Coal Export Terminal - are “unlikely to progress” in the foreseeable future due to the slowdown in the resources sector.

Atlas job cuts keep ‘tight lid on costs’

Atlas Iron has become the latest in the sector to lay off staff, as iron ore players seek cost savings to offset the fall in the price of the steelmaking ingredient and a stubbornly high dollar, according to The Australian.

Perth-based Atlas dismissed staff from its head office and at operations in the Pilbara this week.