KiwiRail ditches Project iReX

2023-12-28T19:06:53+00:00 December 28th, 2023|Finance|

In a statement, KiWi Rail has confirmed that the New Zealand Government will not be providing further funding for the Inter-Island Resilient Connection (iReX) project.

Chairman, David McLean, said: ”Unfortunately, we cannot proceed without further Government funding. We respect the Government’s role as shareholder and funder to make this decision.

“The Board will now oversee the wind down of the project and review our plans for the Cook Strait connection. The Board acknowledges the disappointment of our team and stakeholders involved in this project.

“We sought a strong outcome for New Zealand through this project for a more resilient State Highway 1 across Cook Strait for exporters, domestic freight forwarders, tourism and domestic commuters.

“We will work with the Government, our customers, ports and other stakeholders on the way forward. An alternative suitable long-term solution could take years to develop.

“In the interim, KiwiRail will continue to invest in the safety and reliability of the existing Interislander fleet, through strong asset management practices,” he advised.