The Queensland State Government has announced the finalisation of the 99 year lease of the X50 Abbot Point Coal Terminal to Mundra Port Pty Ltd at a price of $1.829 billion after the Federal Government’s Foreign Investment Review Board approved the deal.

 

Queensland Premier and Minister for Reconstruction Anna Bligh has promised all proceeds of the lease will be allocated to the State’s reconstruction efforts following the spate of natural disasters earlier in the year.

 

“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,” Ms Bligh said.

 

Mundra Port is the Australian subsidiary of Mundra Port and Special Economic Zone Ltd, which developed and manages the largest privately developed port in India and forms part of the India based Adani Group.

 

The Adani group currently owns over $6 billion in mining interests across Queensland.