An agreement between the NSW Government and the Hunter Valley coal industry has cleared the way for a doubling of exports through the Port of Newcastle, already the world’s largest coal export terminal. According to ABC News, the deal establishes a take or pays system which locks in the amount of coal overseas customers want to buy in the next decade, rather than working on a year to year basis. Paul McLeay, ports minister of NSW, said the agreement will guarantee access to the port for new mining companies, and means investors are more likely to establish new mines in the region which could create up to 25,000 new jobs. “It’s a 10-year agreement and it means we can increase the capacity from 90 million this year to 180 million mt within the next few years,” McLeay said.
