QRN Secures a $900 Million Deal with Gindalbie
Further Reading
QR National (ASX:QRN) has secured a rail haulage agreement with Gindalbie Metals (ASX:GBG) which is expected to generate over $900 million in profits. The railway operator will transport iron ore for Gindalbie starting January next year.
QR will invest a total of $200 million in the said project that will last for ten years. Upgrades include new locomotives, wagons, administration and maintenance facilities.
When the ramp up is completed, QR will provide rail haulage services for Gindalbie’s Karara project in Western Australia with four trains per day and 100 wagons per train.
QR National has reported a net profit of $277.5 million in six months until December of 2010 since it was publicly listed last year.
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