Metallurgical Corporation of China (MCC) has joined with Waratah Coal to develop a $5bn export project in Australia.

The firm will arrange debt financing of up to $3.1bn (60%) of the total project cost from Chinese banks and provide or arrange 10% of the total capital cost, estimated at $5.15bn, from Chinese sources.

The project includes 490km of railway line and a two-berth export terminal.

MCC will purchase 30 million tonnes of coal worth A$3bn annually and an estimated A$70bn during its lifespan.

The project will create about 6,000 jobs during construction and 1,500 jobs during operation.

By staff writer