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WICET Holdings will own and finance the new terminal under a long-term lease, with Gladstone Ports as the operator.
WICET is made up of Anglo Coal Australia, Aquila Resources, BHP Billiton, BHP Billiton Mitsubishi Alliance, Caledon Coal, Cockatoo Coal, Felix Resources, Jellinbah Resources, Macarthur Coal, Northern Energy Corporation, Qcoal, Rio Tinto Coal Australia, Syntech Resources, Vale Australia, Wesfarmers Curragh and Xstrata Coal Queensland.
Wiggins Island will be a common user facility under the open access and terminal expansion arrangements proposed by WICET.
The government and WICET will now work towards signing key documentation and ensuring the developers are able to secure finance with financial close in 2009.
The facility will be delivered in three stages, with the first stage creating additional port capacity of 25 million tonnes per annum by late 2012.
“Gladstone will be exporting up to 150 million tonnes a year when all three stages of Wiggins Island are complete," Queensland Premier Anna Bligh said.
Access to the terminal will be based on long-term take or pay throughput contracts and Gladstone Port Corporation's capacity priority framework.
WICET’s model will operate on a “cost pass-through” basis and not seek to extract a profit margin beyond the recovery of finance and operating costs.
“This arrangement should ensure timely and efficient delivery of new coal export infrastructure to meet the requirements of existing and potential coal producers in the Surat and Bowen basins,” the Queensland government said.
