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Tranz Rail and Genesis look to sign off deal

Tranz Rail and Genesis look to sign off deal

Auckland, New Zealand-Tranz Rail Holdings Limited {NZX: TRH}

Tranz Rail and Genesis Power today confirmed they are in talks to move imported coal to the Huntly Power Station from the Port of Tauranga. The proposal would involve the transport of up to one million tonne of coal annually.

Tranz Rail Managing Director Michael Beard says the arrangement would result in two trains leaving daily from Tauranga, carrying 1500 tonne of coal each.

"It is a significant development and we welcome this opportunity to form a long term relationship with Genesis. Design of the rail loading facility at Port of Tauranga and unloader at Huntly Power Station is well advanced."

Genesis Chief Executive Murray Jackson says rail offers the perfect option to move such a large tonnage and provides flexibility and competitive pricing for Huntly over the long term.

It is expected that a Heads of Agreement will be signed within the next two weeks and the operation would see coal moving from Tauranga to Huntly from July 2004.

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