The project involves the construction of a 30 million tonne per annum export coal loading facility with a future option to expand to 66Mtpa.
Terminal managers, Newcastle Coal Infrastructure Group, received approval for the terminal – to be located on 136 hectares on Kooragang Island – in April last year.
NCIG chairman Tony Gailligan said the finance package had been completed with a range of Australian and overseas financial institutions.
NCIG's biggest member, BHP Billiton, yesterday approved its $US390 million investment in the port.
"This project is an important strategic investment. It underpins our ability to pursue growth options in our New South Wales Energy Coal business and enables us to meet strong demand from our customers," BHP Billiton Coal president Dave Murray said.
The port will include a rail unloader, stockpile facilities, a ship loader and two berths in the south arm of the Hunter River.
The two stacker/reclaimers and a shiploader have been ordered from Sandvik.
Dredging of the south arm of the Hunter River to allow ships to access the new berths has been underway since November, and is a joint venture between Dredeco and Boskalis Australia.
The first ship loading of coal is scheduled for late 2010.
The project is expected to increase GDP by $A1.5 billion per year, boost exports by $1 billion and generate up to 5000 jobs across NSW.
Shareholders in NCIG are BHP Billiton (35.5%), Peabody Coal (17.7%), Felix NSW (15.3%), Donaldson Coal (11.6%), Whitehaven Coal Mining (11.1%) and Centennial Coal Infrastructure (8.8%).
