QR National (ASX:QRN) has secured a 10-year coal haulage contract with Jellinbah Resources, expected to generate over $600 million in revenue.
Under the deal the rail freight operator will haul up to six million tonnes of coal a year from Lake Vermont mine to Abbot Point Coal Terminal via the Goonyella to Abbot Point Expansion.
QR National, who listed in November 2010, says it is the company’s first coal haulage contract via the Goonyella to Abbot Point Expansion project and the first trains are on track to run from early 2012.
Managing director and CEO of QR National, Lance Hockridge says the performance-based contract with Jellinbah Resources reflects QR’s assurance that it is prepared to share the risk and back its performance.
On Monday shares in QR National firmed 1.61 per cent to close at $3.15.
QRN Price at posting:
$3.15 Sentiment: None Disclosure: Held
