Vale SA, the world’s biggest iron ore exporter, is seeking to build its own coal terminal in Queensland as it expands production from three to nine mines in Australia.
Vale plans to apply to build one of the four new export terminals planned as part of a $6.2 billion expansion at the Abbot Point coal port, Steve Badenhorst, Vale’s director of operations for Australia, said yesterday.
Vale is spending $24 billion globally this year on resources investments, including developing coal mines in Colombia and Mozambique.
Coal terminal interest deadline August 1
The deadline to lodge expressions of interest to build the Abbot Point terminals expires on August 1.
”We want coal to be the third-biggest revenue stream at Vale, behind iron ore and fertiliser,” Mr Badenhorst said. ”Much of our investment is in infrastructure.”
Morgan Stanley last month forecast a ”buoyant pricing environment” for coal for most of the next five years as economic growth in Asia boosts demand and rail and port bottlenecks keep supply tight.