A CONSORTIUM of coal mining firms has offered to buy Queensland's coal track network for $4.85 billion.
The bid lodged on Wednesday has been made to trump a plan by the Queensland government to float Queensland Rail's coal and bulk freight assets by the end of the year in a new public company known as QR National.
The Queensland Coal Industry Rail Group (QCIRG) comprises 13 coal producers. Eleven of which - Anglo American Metallurgical Coal, BHP Billiton, Ensham Resources, Felix Resources, Jellinbah Resources, Macarthur Coal, Peabody Energy, Rio Tinto Coal, Vale Australia, Wesfarmers Resources and Xstrata Coal - have signed equity subscription agreements.
Aquila Resources and New Hope Coal Australia are supporting parties and have the opportunity to provide equity at a later stage.
QCIRG chairman and former NSW premier Nick Greiner said the cash offer was delivered to the government on Wednesday.
''(The offer) represents a substantial premium to what is likely to be achieved under the Queensland government's proposed initial public offering (IPO) or realised in recent comparable transactions,'' Mr Greiner said in a statement.
"Importantly, our offer is able to be settled with the government prior to the IPO and will not be dependent on volatile equity markets, removing major risk for the state while also providing early settlement.''
Mr Greiner said the companies did not believe the public float represented "an optimal or even reasonable basis for assuring the future of the state's major export industry''.
He said the QCIRG offer would encourage fair and open access, optimise network performance, enable early system expansions and encourage rail haulage competition.
The plan would also include a new facility to fund the current QR capital works plan and add rail capacity.
QCIRG has secured an acquisition facility of $1.35 billion, underwritten by ANZ, BNP Paribas and Citibank N.A. as well as a committed capex facility of in excess of $2.05 billion to fund the current QR capital plan and catch-up maintenance.
The Australian Rail Track Corporation (ARTC) will act as the dedicated manager of the rail network.
"It is their (ARTC's) intention to participate as an equity owner and provider of long term railway management - operation and maintenance - services,'' Mr Greiner said.
Network users would be protected through "fair and equitable access arrangements for small and large companies, current and future users and non-coal users such as agriculture'', Mr Greiner said.
Workers transferred to the new company would receive "fair and reasonable arrangements'', he said.
The QCIRG offer excludes QR's trains and its freight businesses.
Under the offer, the Queensland government will have the option to separately consider arrangements for the QR haulage business.
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