GLNCY Glencore Plc (PK)

   By Rhiannon Hoyle 
 

SYDNEY--Charges paid by Glencore PLC (GLEN.LN) on ships entering a large coal port in eastern Australia should be cut by roughly 20%, the country's competition authority said.

The Australian Competition and Consumer Commission on Monday said it has finalized an arbitration dispute between Glencore and the Port of Newcastle over access to a shipping channel and ruled the port should reduce its current charge for ships entering to collect Glencore coal to 61 Australian cents (US$0.43) a gross metric ton from A$0.76 a ton now.

In the arbitration, Newcastle port--the world's biggest coal port--had argued for an increase to A$1.36 a ton while Glencore sought a reduction to A$0.41. Central to the dispute was whether the port should charge for dredging of the shipping channel.

"The ACCC excluded these user-funded amounts from the costs that [Newcastle port] could recover and determined Glencore should pay a lower price, backdated to 2016," said the authority.

Spokespeople for Glencore and Newcastle port couldn't immediately be reached.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

October 07, 2018 22:27 ET (02:27 GMT)

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