STL welcomes Port of Bundaberg funding
STL Chairman Mark Gray said he was very pleased to see the Federal Government increase its funding commitment for a joint project currently being progressed between STL and Gladstone Ports Corporation (GPC) under a project agreement signed by the Australian and Queensland Governments in October 2020.
This will assist in the development of new infrastructure at the Port of Bundaberg to attract bulk export orientated mineral and agricultural commodities and drive further investment in the region.
The additional funding is provisional pending a number of conditions being addressed by the parties.
"The Federal Government's funding commitment to the project is now up to $17.7 million. Together with additional funding already committed by GPC and STL, this gives us confidence that the project will stack up financially and can be delivered in the short term," Mr Gray said.
The project, which is in the final stages of procurement and approvals will involve the construction of common user infrastructure at the Port of Bundaberg to handle bulk commodities other than raw sugar.
Mr Gray said the new infrastructure was crucial for the long-term future of the Port and economic development of the region.
"We are focused on supporting new, export-focused industries in the Wide Bay Burnett region. This new infrastructure, coupled with our existing export facilities, will allow us to handle a variety of commodities, including minerals, timber products and agricultural products," he said.
About Sugar Terminals Limited
Sugar Terminals Limited (NSX:SUG) (STL) owns and operates six bulk commodity terminals in Queensland and plays a vital role in Australia's sugar market, handling over 90% of the raw sugar produced in Australia each year. STL's terminals provide 2.5 million tonnes of storage capacity and handle more than 4.6 million tonnes of commodities each year. In addition to around 4 million tonnes of bulk sugar, STL also handles more than half a million tonnes of other commodities annually, including molasses, wood pellets, gypsum and silica sands. STL has over $350 million in assets in strategic port locations across Queensland. We have in place 100 year leases with the port authorities at each of our six terminals. These leases include rolling options to extend for a further 100 year period.
Sugar Terminals Limited