BEIJING: China’s Landbridge Group bought a long-term lease in the Port of Darwin in Australia’s north for 506 million Australian dollars (US$370 million), as the country seeks to capitalize on rising Chinese demand for imported food and overseas travel.
The deal comes after China Merchants Group teamed up with Australian fund-manager Hastings Funds Management in April last year to buy the lease on the Port of Newcastle in New South Wales state, the world’s biggest coal export terminal, for A$1.75 billion.
“Through our significant investment in the Port of Darwin, Landbridge intends to grow two way trade between Australia and Asia, leveraging Landbridge’s existing port and logistics businesses and firmly putting Darwin on the map for Chinese business,” said Landbridge Infrastructure Australia’s director, Mike Hughes.
Under the terms of the agreement, the Northern Territory government will lease the facility to Landbridge for 99 years as the territory seeks to put itself at the forefront of Australia’s mining-to-dining transition to boost the economy as a resources boom fades.
Mr. Hughes said Landbridge plans to make a “considerable financial investment” to expand the port.
Shipping activity at Port Qasim on February 11
KARACHI: Three ships namely, Glen Canyon, Al-Salam- II and TSM Pollux carrying Containers, Gas oil and Palm oil were arranged...
