April 5, 2010 (FinancialWire) — Canadian Pacific Railway Ltd. (NYSE: CP) said it has reached a one-year agreement with Teck Coal Ltd. for the transportation of metallurgical coal from their CP served mines in southeast British Columbia to Kamloops and Vancouver area ports for export. Contract terms are confidential.

According to Canadian Pacific, coal freight rates will be similar to current rates, but said that rates are volume based and should Vancouver export volumes fall short of target levels, a higher rate will be realized.

During the term of this new agreement CP and Teck said they plans to enter discussions toward a longer term arrangement.

Canada-based Canadian Pacific offers rail transport in Canada and the United States.

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