Clifford Chance Sydney has advised Sumisho Coal Australia on its investment in the Wiggins Island Coal Export Terminal (WICET) in Gladstone, Queensland.
Sumisho Coal is a subsidiary of Japan's Sumitomo Corporation and is involved in a number of coal joint ventures in Queensland, including the Rolleston and Wandoan mines, both of which will export coal through Gladstone.
The finalisation of Sumisho Coal's investment in the $2.5 billion stage one of the privately owned and funded WICET has allowed construction of the Wiggins Island facility to begin.
Stage one will allow coal producers, including Xstrata Coal, Itochu Corporation and Wesfarmers, to export 27 million tonnes of coal each year. Once fully constructed, the $4 billion WICET project is expected to export more than 80 million tonnes of coal per annum through the Port of Gladstone.
"With the ever-increasing demand for high-quality Australian coal, this regionally strategic infrastructure will facilitate a timely mine-to-port solution for Queensland's coal producers," said Clifford Chance Sydney partner Jason Mendens, who led the Clifford Chance team with assistance from associate Jerrem Ng.