Queensland Coal Industry Rail Group or QCIRG has been unable to meet its own or the government's requirements for the coalition of a group of mining companies to set up a state coal freight network. The coal companies led by BHP Billiton have failed to acquire the bid and did not elaborate on the reasons.
This bid was made in view of the fact that the eleven mining companies would need an extensive rail network as the demand from China and India increased. The companies involved included Xstrata Plc and Anglo American Plc.
Andrew Fraser the Queensland Treasurer said that while the government was involved in genuine talks with the miners he felt they would not be able to meet the September 10 deadline. The failed bid is said to have cost the tax payer $1.5 million.
Now QCIRG plans to go along with the Queensland government's plan of floating QR National on the stock exchange by the end of the year. Mr Fraser also said that a public float where the QR workers and Queensland residents can share in the prosperity of the company was the best way forward.