ASTON Resources plans to appeal to the competition regulator after being shouldered out of allocations at the Port of Newcastle. This comes as analysts revise their numbers following the multi million dollar blow.
The coal hopeful, 35% owned by entrepreneur Nathan Tinkler, wanted 5 million tonnes a year of allocation by 2014 before ramping up to 10.5mtpa to export its valuable Maules Creek deposit in NSW.
But Aston this week only received about 1.7 million tonne per annum by 2014 and 10.5 million tonne per annum from 2015 onwards from the main operator, the Port Waratah Coal Service, which is largely represented by the major miners Rio Tinto and Xstrata.
Mr Todd Hannigan CEO of Aston said that it wasn't fair and equitable that the majors were allocated nearly all of the new 87 million tonne per annum of potentially 200 million tonne per annum of capacity available in 2014 after expansions.
He said the company would push the Australian Competition & Consumer Commission for stronger transparency on what companies nominate for, receive and how they use it. He wants an independent body to run the numbers and stronger use it or lose it provisions similar to rail access. He added that "It's not Western Australia where they've built it themselves with their own money this land was granted to them by the NSW government under a long term lease on the sole basis that it remains open access.”
Mr Hannigan stressed the majors were not breaking the rules after the ACCC approved arrangements last year. But he said this was before capacity upgrades and he wants more disclosure of the numbers to eliminate over nominated capacity the majors don't use going to waste.
He said Aston's exclusive talks with Japan's Itochu, which expire on December 15, would be the next catalyst and tipped Aston to target a price valuing Maules at USD 2 billion to USD 2.5 billion. Mr Hannigan has targeted a sell down of up 25% to fund the metallurgical and thermal coal project, which could require USD 350 million to develop.
(Sourced from www.theaustralian.com.au)
