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RailAmerica Inc. June 18 announced that Freight Australia obtained a five-year, $34 million contract from SunRice, part of Ricegrowers' Cooperative Ltd., and one of Australia's largest food producers and exporters.
Under terms, Freight Australia will move export containers of rice to the port of Melbourne, paddy rice from regional terminals to a Echuca mill, and bulk rice to the ports of Melbourne and Geelong.
"This new agreement further solidifies our business in Australia where long-term contracts currently represent more than 80 percent of our total revenues," said Gary Marino, RailAmerica chairman, president and chief executive officer, in a prepared statement.
RailAmerica in April 1999 purchased 3,150-mile Freight Australia from the Victorian state government; the railroad last year moved 220,000 carloads.