Australian Rail Track Corp Joins Bid For Queensland Rail Coal Network

9th Jul 2010 01:28

MELBOURNE (Dow Jones)--The Australian government's national rail track operator Australian Rail Track Corp. said late Thursday that it will join the consortium of miners who have lodged a A$4.85 billion bid for Queensland Rail's coal track network. In a statement, ARTC said it will become a party to the subscription agreement with other Queensland Coal Industry Rail Group consortium members. It did not say how much equity it planned to commit to the bid. The QCIRG, which had been made up of 13 mining companies, including BHP Billiton Ltd. (BHP) and Rio Tinto Plc (RTP), is pitching its offer as a superior alternative to the Queensland state government's plans for a A$3 billion public float of all of Queensland Rail's coal and freight assets. The other coal producers that have signed up to provide equity for the offer are Anglo American Plc (AAL.LN), Xstrata Plc (XTA.LN), Ensham Resources, Felix Resources Ltd., Jellinbah Resources, Macarthur Coal Ltd. (MCC.AU), Peabody Energy Corp. (BTU), Vale S.A. (VALE), and Wesfarmers Ltd. (WES.AU). The QCIRG offer excludes Queensland Rail's above-rail rolling stock assets and its freight business. The consortium is being advised by Citi. -By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093; [email protected] (END) Dow Jones Newswires July 08, 2010 20:28 ET (00:28 GMT)