On 9 March 2010, a consortium of 13 mining companies with coal operations in Queensland, known as the Queensland Coal Industry Rail Group and headed by former NSW premier Nick Greiner, announced their intention to buy QR's coal rail network. The consortium made a formal $4.85 billion offer on 26 May for the tracks used exclusively or predominantly to haul export coal to port, and excluding QR's trains and freight businesses. If the bid is accepted the rail assets would be managed by the Australian Rail Track Corporation, a federal government owned body who manages the Australian interstate freight network. Premier Anna Bligh and Treasurer Andrew Fraser said it would consider the offer but believed a public float was the best option. The companies providing the equity included Anglo American, BHP Billiton, Ensham Resources, Felix Resources, Jellinbah Group, Macarthur Coal, Peabody Energy, Rio Tinto Coal Australia, Vale Australia, Wesfarmers and Xstrata; with Aquila Resources and New Hope Coal are supporting parties and may provide equity at a later stage. QR chief executive Lance Hockridge rejected the bid in June 2010, saying it is not in the best interests of the future expansion of the state's coal network. The consortium increased their bid for QR National to $5.2 billion on 10 August 2010 and the Queensland Government confirmed they are in negotiations with the consortium over this bid. During the negotiations the consortium received access to the QR National's financials. The negotiations ended when the consortium did not meet the deadline of 10 September 2010 for making a binding offer for QR National.
