Miners pull out of rail deal

A consortium of coal mining companies bidding to buy out Queensland Rail’s freight and coal business have pulled out of the $5 billion projected deal. The group of companies have surprised industry observers by walking away from the deal.

The move will create a great deal of uncertainty in the bulk transport industry while the privatisation plan announced earlier this year by the Queensland government appears to be faltering. It is not clear whether other large transport operations will be interested in purchasing the assets formerly owned by the Queensland government.

“The government has maintained its preparations to float QR National,” said Queensland Treasurer, Andrew Fraser, introducing an optimistic viewpoint. “The state is confident of a successful float in the final quarter of the year.”

Leave a Reply

Send this to a friend