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QR National (ASX:QRN) has inked a rail haulage agreement with iron ore producer Gindalbie Metals Ltd (ASX:GBG), expected to generate around $900 million in revenue for QR.
Under the 10-year deal QR will transport iron ore from Gindalbie’s Karara project in Western Australia from January next year.
QR will invest $200 million in new locomotives, wagons, and upgraded administration and maintenance facilities.
Once the ramp up is completed the rail haulage services provided by QR will involve four trains per day with 100 wagons per train.
Since listing at the end of last year, QR National booked a net profit of $277.5 million in the six months to 31 December 2010.
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