Shares in Asciano Ltd (ASX:AIO) have risen in morning trade on news the the ports and rail operator has extended its coal haulage deal with Rio Tinto Ltd’s (ASX:RIO) subsidiary Coal & Allied Industries Ltd.
Asciano’s subsidiary, Pacific National Coal, has entered a long term contract for the annual movement of up to 30 million tonnes of coal from Coal & Allied’s mines to the Port of Newcastle in New South Wales.
The contract is due to start on 1 July and continue for a minimum of 10 years.
The value of the contract has not been disclosed.
Shares in Asciano were up 3.23 per cent this morning, trading at $1.60.
Asciano’s first half profit increased 19 per cent to $93.9 million in the last six months of 2010.
