Landbridge charts new course with port deal

Privately owned energy and infrastructure conglomerate Landbridge Group has won an A$506 million ($307 million) bid to run Australia's Port of Darwin for 99 years.

The Shandong province-based company said it intends to leverage its port and logistics businesses in Rizhao with the North Australian port to grow two-way trade between the two countries.

"Following the China-Australia free trade agreement, Darwin is best positioned to be the gateway between Australia and China, and the rest of Asia. The railway line running between Darwin and South Australia provides an efficient route to move goods between the two countries," said Mike Hughes, director of Landbridge Infrastructure Australia.