Commodities giant Glencore is celebrating a verdict from Australia’s Federal Court that will see the local competition watchdog regulate port charges for coal exporters from Newcastle.
Glencore had been fighting the port of Newcastle’s decision to raise fees by more than 60%.
The port is the largest coal export facility in the world and has been owned by Westpac Banking Corp’s Hastings Funds Management and China Merchants since 2014.
“The introduction of a reasonable regulatory constraint is critical for all users of monopoly owned infrastructure,” Glencore said in a statement.
