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Dalrymple Bay to be sold off in biggest deal of the year

Business

The Dalrymple Bay coal terminal in central Queensland is about to be floated for $1.4 billion.

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Owners,  Brookfield Asset Management has working for months on the deal which is expected to be unveiled next week and would be the biggest offering of the year.

The strategy to sell off the port was first unveiled earlier this year but stalled because of the pandemic.

Reuters was reporting that DBCT will meet with Australian and offshore investors next week.

The expected initial public offering comes at a crucial time for the coal sector with low prices and trade tensions with China which have led to coal shipments being deferred or left stranded at port.

The DBCT, near Mackay, services the major Bowen Basin mines, excluding BHP’s BMA joint venture which uses the nearby Hay Point.

It has a capacity of 85 million tonnes and most of its exports are coking coal.

The Queensland Government has expressed an interest in taking a stake in the project and Treasurer Cameron Dick has commented that the Government always regretted selling the asset, which is now regulated and considered low risk, despite the turmoil in the coal sector.

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