With the agreement officially signed off on Tuesday, ACCC said the execution of the legal documents of the detailed framework was a significant milestone for the Hunter Valley’s coal industry.

"The terminal operators will now be able to ask producers to provide binding nominations for their long-term terminal capacity requirements,” ACCC said.

“As a result, coal chain system capacity can be modelled and long-term ship or pay contracts can be entered into for the first time, which will underpin future investment and the efficient operation of the coal chain.

"There is still a program of work to be completed by the industry to allow the long-term solution to be fully implemented across the coal chain by January 1, 2010.

“In particular, the ACCC considers the resolution of remaining contractual alignment issues needs to be a priority for the industry."

The reinstatement of the current system of managing coal exports through Newcastle allows port operators and coal companies to start working towards phased implementation of the new industry agreement.

The ACCC authorisation provides immunity to port operators from potential court action on operations that could be deemed anti-competitive under the Trade Practices Act.