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Springsure Creek Coal Pty Ltd has also secured both below rail and rail haulage contracts for the transportation of the Springsure Creek coal with QRN and Pacific National respectively.
QR National Ltd (QRN.AU), an Australia-based rail operator, has restarted operations at three of its four major coal rail systems that were affected by flooding in Australia's Queensland state.
- Favourable infrastructure development in Pilbara as announced by QR National (QRN) and Atlas Iron (AGO) - undertaking feasibility study for construction of a 4th rail line from Port Hedland to East Pilbara
EPC 1230 is strategically located adjacent to the northern portion of the Bauhinia rail line, operated by QRN, and which connects Xstrata's Rolleston coal mine to Gladstone Port facilities.
With approximately $125 million in cash, Bandanna remains fully funded to meet all of its obligations to the port and rail, including bank guarantees for $52 million under the agreement with WICET and $15.3 million to QRN. Bandanna will make no further capital contributions for the proposed WICET port funding and has adequate funds its complete its BFS studies for Dingo West and Springsure Creek.
- Following a capital raising in August 2011 and, with approximately $130 million in cash, Bandanna remains fully funded to meet all of its obligations to the WICET port and corresponding rail including bank guarantees for $52 million under the agreement with WICET and $15.3 million to QRN. Bandanna will make no further capital contributions for the proposed WICET port funding under the $2.5 billion privately funded financing package of senior and subordinated debt arranged by ANZ bank.
Bandanna has previously announced on 5 September 2011 that, together with other Stage 1 proponents, it had entered into a commercial agreement with QR National (QRN) whereby QRN will construct and fund the AU$900 million Wiggins Island Rail Project (WIRP) to provide the necessary rail infrastructure to ensure rail connection for the proposed source mines.
"QRN's expenditure of A$900+ million for infrastructure is a very strong vote of confidence in WICET and the shipper's source mines.
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