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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Aurizon Holdings Ltd    QRN   AU000000QRN6

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New QR National Railway Could Open Australia's Pilbara

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04/26/2012 | 02:37am CEST

-- QR National evaluating independent, multi-user railway

-- Atlas Iron expects study completed this year, first haulage by 2015

-- Pilbara region is dominated by privately owned rail lines to ports

(Adds details on proposed railway in the fourth-10th paragraphs)

   By Robb M. Stewart 

Freight rail operator QR National Ltd. (>> QR National) is considering a new railway in west Australia that could dramatically change the face of the remote iron ore-rich Pilbara, connecting smaller mining companies with export markets through a major port.

The company has signed a binding pact with mining company Atlas Iron Ltd. (>> Atlas Iron Limited) to conduct a feasibility study for a railway open to multiple users, running from iron ore deposits in the east and southeast Pilbara to Port Hedland, QR National said Thursday.

Access to the port would be a significant boost for junior companies, potentially opening the Pilbara and bypassing the tightly controlled rail lines of mining giants Rio Tinto PLC (RIO) and BHP Billiton Ltd. (BHP), which have fought off attempts to access their rail lines. The Pilbara already accounts for roughly two-thirds of global shipments of the steelmaking commodity by sea, much of it destined for China.

Ken Lewsey, vice president of strategy and business development at QR National, said the Pilbara offers one of the company's best growth opportunities. The company currently operates rail lines from coal mines across eastern Queensland state.

"The value of an independent railway is that we can achieve the economies of scale by aggregating the tonnages of multiple parties, as well as delivering efficiency gains across a coordinated supply chain," Lewsey said.

QR National and Atlas Iron have been informally working on plans for a railway since last year. The rail company said it is expected that Atlas would be a cornerstone user of a new railway that would serve its deposits and those of other mining companies in a staged development.

"The work done to date demonstrates this proposal has merit. It is now time to put it through the commercial and operational rigours of a joint study," Lewsey said.

Under the terms of the agreement, the two companies will share costs and resources for a study to be completed by the end of the year.

Atlas separately said rail is a key part of its plans to expand production capacity to as much as 46 million tons a year, and the new railway could begin haulage by 2015. It shipped 2.85 million tons in six months through December.

"The potential development of an independent Pilbara rail network could represent a paradigm shift for the progressive development of the Pilbara, breaking open long-standing barriers to new entrants to the iron ore industry," Atlas Managing Director Ken Brinsden said.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

Stocks mentioned in the article : QR National, Atlas Iron Limited
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07/21DJAURIZON : Flags Writedowns; Says Volumes, Earnings in Line With Estimates
06/06 AURIZON : Construction of Brisbane tower begins
05/30 AURIZON : ready to fund Palmer cash pursuit
05/23DJAURIZON : Prices EUR500 Million of Euro Medium Term Notes
05/09 AURIZON : adds Macquarie Capital director Kate Vidgen to board
05/03 AURIZON : opens new Enfield hub as rail group shifts away from coal
04/20DJAurizon Coal Volumes Steady; Iron Ore, Freight Soften
02/26 AURIZON HOLDINGS LTD : ex-dividend day for interim dividend
02/15 MOODY : s: Aurizon's first half 2016 results are credit negative; rating remains..
02/14DJAURIZON : Swings to a Loss on Write Downs, Weak Mining Sector
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Financials ( AUD)
Sales 2016 3 535 M
EBIT 2016 870 M
Net income 2016 213 M
Debt 2016 3 237 M
Yield 2016 4,74%
P/E ratio 2016 44,45
P/E ratio 2017 18,34
EV / Sales 2016 3,90x
EV / Sales 2017 3,85x
Capitalization 10 546 M
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Mean consensus HOLD
Number of Analysts 14
Average target price 4,56  AUD
Spread / Average Target -11%
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Lance E. Hockridge Chief Executive Officer, Executive Director & MD
Timothy Michael Poole Chairman
Michael G. Carter Executive Vice President-Operations
Keith Neate Chief Financial Officer & Executive Vice President
Russell Ronald Caplan Independent Non-Executive Director
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