Coal import deal

The port yesterday signed a 10-year supply agreement with Genesis after handling a 35,000-tonne trial shipment in June.

Chief executive Jon Mayson said the $24 million would be spent on conveyor and load-out systems, a covered storage facility at Mt Maunganui and berth deepening. The work was scheduled to be completed by July. "The partnership requires this major investment by the port but the infrastructure will produce long-term income flows from what is a whole new area of business," he said.

Port of Tauranga this week reported a 12% profit increase to a record $29 million on revenues up 32% to $146 million.

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