COAL mining companies that use the Port of Newcastle say they are confident of doubling exports within seven years.
The news follows the Australian Competition and Consumer Commission’s re-approval of the port’s coal export quota system.
The miners are now preparing to finance the coal loader expansion with a compulsory levy of about 50 cents for every tonne of coal shipped through Newcastle. The idea is to raise about $50 million a year from coal companies.
The commission says the authorisation means coal companies could not be prosecuted for their co-operation in coal loading, which might otherwise breach the competition principles of the Trade Practices Act.
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