The contracts, servicing both the Goonyella and Blackwater systems, initially cover 10 years with further options for the customers to extend.

“After many months of negotiations securing these take or pay contracts is a significant milestone for Asciano,” said Asciano managing director Mark Rowsthorn.

“The contracts Asciano has entered into are unique and set a new benchmark for rail freight services in Australia.

“The partnership model agreed to by Pacific National and our customers includes reciprocal performance indicators that will ensure coal throughput is optimised throughout the life of the contract.”

Asciano will initially invest $A380 million in new rolling stock and infrastructure to service the contracted volumes.

It will invest a further $200 million to provide additional capacity for future growth.

It said the extra capacity will be used to secure additional volumes with other coal companies, accommodate growing volumes from its existing customers, and to service spot markets in the region.

“This type of investment is perfect for Asciano as it launches Pacific National into a market that is experiencing continuing high levels of growth. Providing services in a rapidly expanding export supply chain that is essential to Australia’s economy is a unique opportunity,” Rowsthorn said.

“Queensland coal exports are expected to grow from 185 million tonnes per annum currently to over 300 million tonnes per annum by 2015 and 380 million tonnes per annum by 2020.

“By securing a presence in this lucrative market Pacific National will have the opportunity to leverage our unique operating capability, underpinned by brand new equipment, a flexible workforce and over 20 years of experience in the Hunter Valley, into a range of new growth opportunities.”

Asciano this week rejected a $2.9 billion unsolicited takeover proposal by private equity group TPG Capital and independent investment fund Global Infrastructure Partners.

It said the bid undervalued its business.