Dow Jones reported that the government of New South Wales State application has been lodged with Australia's competition regulator to replace the current queuing system at the Port of Newcastle.
The Australian Competition and Consumer Commission on May 13th allowed a transitional coal shipment queuing system at the port to remain in operation until today, amid competition concerns.
The NSW government said that if approved, the new arrangements will replace the port's current capacity balancing system.
Mr Joe Tripodi finance minister of NSW said that "If approved, the application will give industry certainty over coal allocations beyond the end of each year. It guarantees access for new entrants and ensures the growth of the coal terminal capacity while satisfying the concerns of existing producers."
The government said that Newcastle Port Corporation and the two terminal operators will finalize lease amendments and legal agreements by August 31st ahead of the new system commencing operations in January. It said that the plan includes an opportunity for Port Waratah Coal Services to lease additional government land and build a fourth coal terminal on Kooragang Island.
(Sourced from Dow Jones)
