“QR as well as its competitors have been good suppliers to us in the Bowen Basin and elsewhere," he said at the company’s annual general meeting.

"In the past we would have not looked at our own haulage business but it is not an option I would like to rule out forever."

While a BHP move into hauling its own coal could improve operating margins, the impetus might actually stem from Xstrata Coal’s rail ambitions.

Xstrata officially opened its rail division in the Hunter Valley of New South Wales in September with the initial $130 million fleet on track to start hauling in early 2011.

At the time an Xstrata spokesperson revealed to ILN there was no set timetable for introducing Xstrata Rail to Queensland.

But he added that a launch in the state would be of most benefit if it hauled coal from Xstrata’s Wandoan project in the Surat Basin.

The Wandoan project recently received conditional approval from the state government but still needs federal environmental approval.

BHP already has its own rail division which hauls iron ore from the Pilbara in Western Australia.

The institutional offer of the QRN float closes tomorrow, while the retail offer has already closed.

Participating retail investors will be allotted their shares on Monday.