A 99-YEAR lease of Abbot Point Coal Terminal will help pay for Queensland’s recovery after a summer of natural disasters.
The $1.829billion deal between the Queensland Government and Mundra Port Pty Ltd, a subsidiary of the Adani Group, was announced yesterday by Queensland Premier Anna Bligh.
Ms Bligh, also Minister for Reconstruction, said that, as promised, the proceeds would be set aside to fund Queensland’s share of the state’s massive flood and cyclone recovery bill.
“Following the catastrophic impact of the floods and Cyclone Yasi, the Government announced the proceeds from the lease of the Abbot Point Coal Terminal would help pay Queensland’s share of the recovery costs,” she said.
“The transaction has delivered proceeds well above initial expectations of $1.5billion. This is a huge vote of confidence in the Queensland economy and in Queensland’s future.
“This piece of infrastructure is designed purely to help coal companies make a profit. Taxpayers have done their bit to establish the terminal and entice investment, now it’s time for the private sector to take over,” Ms Bligh said