Bandanna Energy is planning to start the construction of the first stage of the Wiggins Island coal export terminal (WICET) at Gladstone, Australia, following completion of its financing package and tenure arrangements.

The new WICET will have a capacity of 27 million tons per annum, of which, 14% will be allocated to Bandanna Energy.

The financial close and finalisation of tenure arrangements for WICET construction represents major step in the provision of a fully-integrated supply chain solution for Bandanna Energy’s Golden Triangle projects.

First coal is expected to be exported through WICET in mid 2014.

Bandanna Energy’s managing director Ray Shaw said that the firm is well positioned to fund the infrastructure commitments and definitive bankable feasibility studies in order to progress key projects through bankable feasibility stages during 2012.