WICET funding deadline extended

THE Queensland coal industry consortium behind the Wiggins Island Coal Export Terminal at Gladstone has reportedly offered an extended deadline of March 18 to banks sorting out a funding proposal for the $A3.7 billion first-stage development.
WICET funding deadline extended WICET funding deadline extended WICET funding deadline extended WICET funding deadline extended WICET funding deadline extended

3D model of WICET stage one.

Blair Price

Documents were previously expected to be submitted in late February, according to Bloomberg.

The newswire quoted a WICET spokesperson as saying that the financial close of the terminal project was still expected in the June quarter.

The Australian Financial Review reported that the coal miners of the WICET consortium had complained to the Queensland Competition Authority that Queensland Rail National had not negotiated in good faith on required extensions to the Moura and Blackwater lines for the project.

First shipments from the first-stage, 27 million tonnes per annum capacity development are expected in 2014.

The entire three-stage development is expected to cost $5 billion for 80Mtpa of capacity.

Back in May 2009 the project was under review due to the global financial downturn, while the announcement of the Resources Super-Profits Tax proposal also previously caused delays.

The stage 1 owners of the 16-company WICET consortium include Xstrata Coal, Wesfarmers, Yancoal, Aquila Resources, Caledon Resources, Cockatoo Coal, Northern Energy and Bandanna Energy.

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