By Jesse Riseborough
Jan. 18 (Bloomberg) -- Queensland Rail, Australia's biggest rail transporter of coal, said it bought 12 new locomotives for A$70 million ($47 million) from United Group Ltd. to expand its general freight unit.
``The market is forecast to double between 2000 and 2020 as product is shifted from road to rail, and with our new fleet we aim to leverage off that growth and expand our market share,'' Ken Lewsey, general manager of Queensland Rail's freight unit, said today in an e-mailed statement.
Australia's freight market is worth A$1 billion a year, Lewsey said.
To contact the reporter on this story: Jesse Riseborough in Melbourne at jriseborough@bloomberg.net
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