Tuesday, November 2, 2010

QR to ride iron ore boom

The soon-to-be-floated QR National says it will increase its exposure to iron ore's fortunes, with a subsidiary investing in new locomotives.

QR said its bulk freight subsidiary ARG would spend more than $35 million in locomotives to be used in its iron ore business.

Iron ore was a strong growth area for the company, QR chief executive Lance Hockridge said on Monday.

"We are well placed to grow as we supply iron ore export markets that are benefiting from strong Asian demand, particularly from China and India," he said in a statement.

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