The consortium, a50:50 joint venture between Hastings Funds Management and China Merchants Group,outbid four other groups.
The New South Wales (NSW) port, which is the world’s largestcoal export facility, is said to have attracted international and Australianbidders.
China’s consumptionof Newcastle coal exports has shown an upward trend compared with last year,despite recent headwinds of tightening credit financing in China and lowerdomestic coal prices.
China is forecast to import around 43.5mt of coal from Newcastlethis year. Last year the port exported a total of 142mt.
State-owned China Merchants Group is a Hong Kong-basedconglomerate with interests in ports, property and energy.
Australia-based Hastings describes itself as a specialistfund manager of infrastructure assets worth AUD 7.4bn ($6.85bn).
Its present portfolio of assets includesairports in Perth and Queensland and power and water utilities in Australia.
“The long-term leaseof the Port of Newcastle will free up much needed capital to help the NSW governmentfund the revitalisation of the Newcastle CBD, and a backlog of other criticalpublic infrastructure,” a port spokesman said.
