News

Eight sign on for WICET

THE Wiggins Island Coal Export Terminal has secured enough miners to be back in the black.

Wiggins Island Coal Export Terminal (WICET) announced yesterday that stage one of the industry-funded coal terminal achieved capacity commitments totalling 27Mtpa from eight coal producers which will ultimately see an expansion of the Gladstone port facility by at least 70Mtpa.

The Wiggins Island Coal Terminal is a $4 billion project that will create up to 800 jobs in construction and 300 ongoing jobs in Gladstone.

The capacity commitments form the basis for WICET to secure funding for the initial terminal development with financial close expected in the first half of 2011 and shipments from 2014.

WICET project director Mark West said reaching this milestone demonstrates that an industry-funded terminal offers real benefits for coal producers.

“It brings the terminal a step closer to reality and gives us momentum to secure funding and commence construction,” Mr West said.

The eight coal producers that have committed to a total 27Mtpa capacity are Aquila Resources, Caledon Resources, Cockatoo Coal, Northern Energy Corporation, Wesfarmers Curragh, Yancoal, Xstrata Coal and Bandana Energy.

All WICET stage 1 allocation offers are subject to the respective proponents signing a Take or Pay agreement and WICET reaching financial close.

Each coal miner has entered into a deed, supported by a bid bond, detailing its intention to execute a binding Take or Pay agreement and to meet its proportionate share of WICET’s ongoing project development costs up to financial close.

This comes three months after WICET failed to meet their July financial target commitments due to the now failed resource super profits tax and other issues threatening the port’s 2013 start up date.

A spokeswoman for the Gladstone Port’s Corporation said the GPC is pleased to see WICET achieve a major milestone on its journey to develop the Wiggins Island Coal Terminal.



'Biggest meteor in years' crashes near Gladstone

FIREBALL: The Orionid meteor shower will provide a light show later this month. Photo: contributed

“This sounds like a big one, first in several years."

Granddad tells of granddaughter's horror abduction ordeal

GLADSTONE grandfather recounts how he was woken by the screams.

WATCH: Burning object crashes near Gladstone, lights up sky

A meteorite may have been spotted crashing to earth this evening.

SPECULATION rife that a meteorite is soaring across Gladstone's sky.

Local Partners

Testament's new album is a concept album

ROME, ITALY- JULY 27, 2016: Testament photographed at The Roman Collisseium in Rome, Italy on July 27,2016. Gene Ambo

Testament to release new album

'Baby' recreates famous Nirvana cover shot 25 years later

The baby from Nevermind album has recreated the iconic cover shot.

PREVIEW: Luke Cage origin story is a strong addition to MCU

Mike Colter in a scene from the TV series Marvel's Luke Cage.

MIKE Colter stars as latest Marvel superhero to get his own series.

Kate goes down fighting in heated Survivor elimination

Australian Survivor contestant Kate Campbell.

YOGA teacher's 'good guys' alliance fails to get off the ground.

Emily Blunt's (almost) singing career

Emily Blunt nearly became the British Britney Spears.

Angelina is blocking calls from Brad Pritt

Angelina Jolie has reportedly blocked Brad Pitt's number.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

'Flex muscles': Gladstone suburb drops $120K

BUYERS are scooping unprecedented deals by “flexing their muscles at the table”

Few bright lights for property after mining downturn

The Gladstone Regional Council wants associated LNG companies like Bechtel to be apart of the EIS housing accommodation strategy from the outset of the projects and not mid-way through.

Tannum Sands continues to write its own property success story

Property 200m from ocean selling for just over $100K

BEACHCOMBER PARK: Work has started on a new $19.2 million development at Toogoom.

The estate's developer is offering huge discounts for early buyers.

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

Market opens as Gladstone sellers drop prices to force sale

VENDORS are dropping the price on houses to force a sale.