Document:

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                                                                   EXHIBIT 10.51

                                                            BLAKE DAWSON WALDRON
                                                                  LAWYERS

                              MULTI-PARTY AGREEMENT

                              (PURCHASE DOCUMENTS)

                           The Hon Murray Criddle MLC

              The Western Australian Government Railways Commission

                    The Hon Richard Fairfax Court, Treasurer

          WestNet StandardGauge Pty Ltd and Westnet NarrowGauge Pty Ltd

                       Australia Western Railroad Pty Ltd

                        Australian Railroad Group Pty Ltd

                             ANZ Capel Court Limited

                     Level 19, Forrest Centre
                      221 St George's Terrace
                                PERTH WA 6000
                    Telephone: (08) 9366 8000
                          Fax: (08) 9366 8111             Ref: MBW. MJB 12745944

                          (C)Blake Dawson Waldron 2000

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                                    CONTENTS

<TABLE>
<S>                                                                             <C>
1.    INTERPRETATION                                                            1

      1.1      Definitions                                                      1
      1.2      Definitions in the Lease                                         1
      1.3      Rules for interpreting this document                             1
      1.4      Inconsistency                                                    1
      1.5      Capacity of Security Trustee                                     1

2.    CONSENT AND ACKNOWLEDGEMENT                                               1

      2.1      By the Government Parties                                        1
      2.2      By the Purchaser, the Guarantor and the Network Lessee           1
      2.3      By the Security Trustee                                          1
      2.4      By the Treasurer                                                 1

3.    DEFAULT                                                                   1

      3.1      Notifications                                                    1
      3.2      Enforcing Party's cure rights                                    1
      3.3      Exercise of Rights by the Government Parties                     1
      3.4      Cure Procedure                                                   1
      3.5      Enforcement of a Security                                        1
      3.6      Effect of Assignment                                             1

4.    MINISTER'S REPRESENTATIONS AND WARRANTIES                                 1

5.    NOTIFICATION BY SECURITY TRUSTEE                                          1

6.    NOTICES                                                                   1

      6.1      How to give a notice                                             1
      6.2      When a notice is given                                           1
      6.3      Address for notices                                              1

7.    AMENDMENT AND ASSIGNMENT                                                  1

      7.1      Amendment                                                        1
      7.2      Assignment by Security Trustee                                   1
      7.3      Assignment by Government Parties                                 1

8.    DISCHARGE/RELEASE OF SECURITY                                             1

9.    TREASURER'S GUARANTEE AND INDEMNITY                                       1

10.   GENERAL                                                                   1

      10.1     Governing law                                                    1
      10.2     Stamp Duty                                                       1
      10.3     Giving effect to this document                                   1
</TABLE>

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<TABLE>
<S>                                                                             <C>
      10.4     No waiver                                                        1
      10.5     Operation of this document                                       1
      10.6     Counterparts                                                     1
      10.7     Attorneys                                                        1

1     NETWORK LESSEE'S SECURITY                                                 1

2     PROJECT DOCUMENTS                                                         1
</TABLE>

                                                                              ii
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                    MULTI-PARTY AGREEMENT- PURCHASE DOCUMENTS

DATE                               2000

PARTIES

         THE HON MURRAY CRIDDLE, MLC, exercising powers under sections 13, 42
         and 44 of the Act ("Minister")

         THE WESTERN AUSTRALIAN GOVERNMENT RAILWAYS COMMISSION exercising powers
         under sections 8(7) and 44 of the Act and section 62 of the Government
         Railways Act 1904 (WA) ("COMMISSION")

         THE HON RICHARD FAIRFAX COURT, MLA, TREASURER, exercising power under
         section 20 of the Act ("TREASURER")

         WESTNET STANDARDGAUGE PTY LTD ACN 094 819 360 and WESTNET NARROWGAUGE
         PTY LTD ACN 094 736 900 ("NETWORK LESSEE")

         AUSTRALIA WESTERN RAILROAD PTY LTD ACN 094 792 275 ("PURCHASER")

         AUSTRALIAN RAILROAD GROUP PTY LTD ACN 080 579 308 ("GUARANTOR")

         ANZ CAPEL COURT LIMITED ACN 004 768 807 in its capacity as trustee for
         the Australian Railroad Group Security Trust ("SECURITY TRUSTEE")

RECITALS

A.       The parties to this document (other than the Security Trustee) are
         parties to the Project Documents.

B.       The parties to this document (other than the Government Parties) have
         entered into the Security in favour of the Security Trustee as security
         Trustee for the financiers under certain senior debt financial
         arrangements to be made available to the Borrower.

C.       It is a condition precedent to the availability of such senior debt
         financial arrangements to the Borrower that the parties enter into this
         document.

OPERATIVE PROVISIONS

1.       INTERPRETATION

1.1      DEFINITIONS

         The following definitions apply in this document unless the context
         requires otherwise.

         "ANCILLARY AGREEMENTS" has the same meaning as in the Sale Agreement
         except that the Operating Agreements are not Ancillary Agreements for
         the purposes of this document and nothing in this document applies to
         the Operating Agreements.

         "APPLICABLE CURE PERIOD" means, in the case of a Material Event of
         Default, a period of 8 months and, in the case of any other Default:

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         (a)      120 Business Days in the case of a Default under either of the
                  Leases or under the Sale Agreement or

         (b)      21 days in the case of a Default under any of the Ancillary
                  Agreements,

         (or, in either case, any longer period agreed by the Government Parties
         under clause 3.3(c)(i)), in each case being a period commencing on the
         date of notice being given to the Security Trustee under clause 3.1(a).

         "BORROWER" means ARG Financing Pty Ltd ACN 094 768 078

         "Default" means any Event of Default or Material Event of Default or
         any event which, with the giving of notice, passage of time or
         fulfilment of any other condition, may become an Event of Default or a
         Material Event of Default or which may entitle any of the Government
         Parties to terminate, rescind or treat as repudiated, or require the
         Purchasing Parties to dispose of or surrender, any of the Project
         Documents, or to take control of the Corridor Land or the Leased
         Railway Infrastructure or to exercise any other Rights under the
         Project Documents or at law or in equity as a consequence of the
         occurrence of that event

         "ENFORCING PARTY" means the Security Trustee or any receiver, receiver
         and manager, administrator, agent or attorney appointed under the
         Security or under the Corporations Law.

         "GOVERNMENT PARTIES" means the Minister and the Commission or either of
         them as the context requires.

         "LEASES" means each of the Rail Freight Corridor Land Use Agreement and
         Railway Infrastructure Leases dated on or about the date of this
         document between the Minister, the Commission, the Treasurer, one or
         other of the parties comprising the Network Lessee and the Purchaser
         and the Guarantor.

         "MATERIAL EVENT OF DEFAULT" has the same meaning as in the Leases, with
         the exception of the event described at sub-clause (g) of that
         definition.

         "PROJECT DOCUMENT" means the documents referred to in schedule 2.

         "PURCHASING PARTIES" means all or any of the Network Lessee, the
         Purchaser, the Guarantor and the Borrower as the context requires.

         "RIGHT" means any right, entitlement, discretion, power or remedy,
         whether express or implied.

         "SALE AGREEMENT" has the same meaning as in the Leases.

         "SECURITY" means the document(s) referred to in schedule 1.

         "SECURITY TRUST DEED" means the Security Sharing Deed dated on or about
         the date of this document between the Borrower, Australia and New
         Zealand Banking Group Ltd and the Security Trustee.

                                                                               2

<PAGE>

1.2      DEFINITIONS IN THE LEASES

         Subject to clause 1.1, terms that are defined in the Leases have the
         same meanings in this document

1.3      RULES FOR INTERPRETING THIS DOCUMENT

         (a)      Clause 1.3 of the Leases applies as if incorporated in this
                  document as if references to "THIS AGREEMENT" were to "THIS
                  DOCUMENT".

         (b)      A reference in this document to remedy of a Default includes,
                  where the Default is not capable of remedy within the time
                  allowed under this document or the Project Documents, the
                  making of other arrangements reasonably satisfactory to the
                  Government Parties including the payment of reasonable
                  compensation where compensation is an adequate remedy for the
                  Government Parties.

         (c)      A reference to include, includes or including does not limit
                  what else might be included.

1.4      INCONSISTENCY

         If there is any inconsistency between this document and the Project
         Documents, this document will prevail.

1.5      CAPACITY OF SECURITY TRUSTEE

         The Security Trustee enters into this document in its capacity as
         trustee under the Security Trust Deed and, notwithstanding anything in
         this document, each party to this document (other than the Security
         Trustee) acknowledges that any rights which it may have against the
         Security Trustee under or in respect of this document shall not be
         against the Security Trustee personally but against the Security
         Trustee solely in its capacity as trustee under the Security Trust
         Deed. Accordingly, the Security Trustee may not be called on or be
         liable to satisfy any such rights out of any of its personal assets
         (other than any right of indemnity in its capacity as trustee under the
         Security Trust Deed), and recourse (if any) against the Security
         Trustee shall be limited to the assets held by it in its capacity as
         trustee under the Security Trust Deed.

2.       CONSENT AND ACKNOWLEDGEMENT

2.1      BY THE GOVERNMENT PARTIES

         (a)      The Government Parties consent to the grant of the Security,
                  and acknowledge that:

                  (i)      the grant of the Security is not, and the exercise by
                           an Enforcing Party of Rights under the Security will
                           not be, or be treated as, a Default under the Project
                           Documents or entitle the Government Parties to
                           exercise any Right (including termination) under the
                           Project Documents or otherwise as a result of the
                           occurrence of a Default (including, without
                           limitation, by virtue of clause 13.2 of the Leases);
                           and

                                                                               3

<PAGE>

                  (ii)     the Rights of the Minister on the occurrence of a
                           Default under clause 23 of the Leases and the rights
                           of the Government Parties under equivalent provisions
                           in the other Project Documents are in all respects
                           subordinate to the Rights of the Security Trustee
                           under this document and the Security.

         (b)      The Government Parties agree with the Security Trustee that an
                  Enforcing Party may at any time (subject to the terms of any
                  agreement or document between the Security Trustee and, among
                  others, the Purchasing Parties) exercise all or any of the
                  Rights (including any Right to cure or take any remedial or
                  other action in relation to any Default), and perform all or
                  any of the obligations, of the Purchasing Parties under the
                  Project Documents as if it were bound by those Project
                  Documents in lieu of, and to the exclusion, of the Purchasing
                  Parties.

         (c)      The Government Parties acknowledge that the Purchasing Parties
                  cannot amend, terminate, release or surrender any of their
                  Rights under the Project Documents without the prior written
                  consent of the Security Trustee and agree not to consent to
                  any such amendment or accept any such termination, release or
                  surrender without the prior written consent of the Security
                  Trustee. Any amendment, termination, release or surrender of
                  the Purchasing Parties' Rights under the Project Documents
                  without the prior written consent of the Security Trustee is
                  of no effect.

         (d)      The Government Parties acknowledge that the exercise of their
                  Rights under the Project Documents are restricted as provided
                   in clause 3.

         (e)      The Government Parties agree to:

                  (i)      observe and perform their obligations under the
                           Project Documents;

                  (ii)     use all reasonable endeavours as legal owner to
                           remove any prescriptive easements or rights of
                           adverse possession which may during the term of the
                           Leases arise over the Corridor Land or the Leased
                           Railway Infrastructure and which unreasonably
                           interfere with the use thereof by the Network Lessee
                           for a Permitted Use; and

                  (iii)    provide to the Security Trustee at the same time as
                           the Purchasing Parties all material notices given by
                           it to the Purchasing Parties under or in relation to
                           the Project Documents.

2.2      BY THE PURCHASER, THE GUARANTOR AND THE NETWORK LESSEE

         Each of the Purchaser, the Guarantor and the Network Lessee
         acknowledges that:

         (a)      it is bound by and must do everything within its power to
                  ensure that the Government Parties and the Security Trustee
                  may exercise their Rights under this document;

         (b)      this document is intended only to benefit the Security Trustee
                  and the Government Parties and that it may not take any action
                  to cause this document to be implemented nor object if it is
                  not implemented; and

                                                                               4

<PAGE>

         (c)      as between the Purchaser, the Guarantor, the Network Lessee
                  and the Government Parties, nothing in this document amends
                  the Project Documents.

2.3      BY THE SECURITY TRUSTEE

         The Security Trustee agrees that nothing in this document authorises
         the Security Trustee to do:

         (a)      anything under the Security in relation to the Project
                  Documents, the Corridor Land and the Leased Railway
                  Infrastructure which the Purchasing Parties may not do under
                  the Project Documents; or

         (b)      any act or thing without the Government Parties' consent where
                  under the Project Documents the Purchasing Parties require the
                  Government Parties' consent,

            and acknowledges (without prejudice to the Rights conferred on it by
            this document) that nothing in the Security confers on the Security
            Trustee Rights in relation to the Corridor Land and the Leased
            Railway Infrastructure greater than the Rights of the Network Lessee
            under the Leases.

2.4      BY THE TREASURER

         The Treasurer acknowledges and endorses the obligations assumed by the
         Government Parties under this document and agrees to cause the
         Government Parties to perform those obligations.

3.       DEFAULT

3.1      NOTIFICATIONS

         (a)      The Government Parties shall, and the Purchasing Parties agree
                  that the Government Parties may:

                  (i)      notify the Security Trustee of any Default or Force
                           Majeure promptly after the Government Parties become
                           aware of it; and

                  (ii)     give the Security Trustee copies of all documents
                           relating to any Default or Force Majeure issued by
                           the Government Parties to the Purchasing Parties
                           under the Project Documents at the same time as those
                           documents are given to the Purchasing Parties.

         (b)      The Security Trustee shall notify the Minister if the Security
                  becomes enforceable promptly after the Security Trustee
                  becomes aware of it.

3.2      ENFORCING PARTY'S CURE RIGHTS

         (a)      On becoming aware of any Default an Enforcing Party may (but
                  is not obliged to) take steps to remedy the Default or rectify
                  the consequences of the Default. The Government Parties shall
                  recognise any such action as the action of the Network Lessee
                  or the Purchaser (as the case may be) irrespective of whether
                  or not the Security Trustee has enforced the Security.

                                                                              5.

<PAGE>

         (b)      To the extent reasonably requested by an Enforcing Party for
                  the purpose of exercising its Rights under this document (and
                  whether or not the Security Trustee has enforced the
                  Security), the Government Parties shall promptly:

                  (i)      provide the Enforcing Party with any information
                           which the Government Parties has identifying the
                           Default and indicate what steps (if any) it considers
                           could be taken to remedy the Default; and

                  (ii)     to the extent it is able to do so, facilitate the
                           Enforcing Party's access to the Corridor Land and the
                           Leased Railway Infrastructure to the extent permitted
                           by law and at the Enforcing Party's risk.

         (c)      The Network Lessee and the Purchaser agree to the Enforcing
                  Party being given information and access under clause 3.2(b).

3.3      EXERCISE OF RIGHTS BY THE GOVERNMENT PARTIES

         Despite anything in the Project Documents or any other document, and
         whether or not the Security Trustee has taken any action to enforce the
         Security, the Government Parties may only exercise any Rights which,
         but for this sub-clause, it would be entitled to exercise under the
         Project Documents as a result of a Default if:

         (a)      that Default is subsisting under the Project Documents;

         (b)      the Government Parties have given notice to the Security
                  Trustee setting out details of that Default giving rise to
                  that exercise and identifying it as either a Material Event of
                  Default, an Event of Default or another Default; and

         (c)      any of the following applies:

                  (i)      if that Default is:

                           (A)      a Material Event of Default which is capable
                                    of remedy (including by way of remedy in any
                                    manner referred to in clause 1.3(b)), that
                                    Material Event of Default has not been
                                    remedied within the Applicable Cure Period
                                    (or any longer period agreed by the
                                    Government Parties, that agreement not to be
                                    unreasonably withheld so long as the
                                    Government Parties are of the reasonable
                                    opinion that the remedy of that Material
                                    Event of Default is being diligently pursued
                                    by an Enforcing Party); or

                           (B)      any other event constituting a Default which
                                    is capable of remedy (including by way of
                                    remedy in any manner referred to in clause
                                    1.3(b)), that Default has not been remedied
                                    within:

                                    (I)      120 Business Days in the case of a
                                             Default under either of the Leases
                                             or under the Sale Agreement; or

                                    (II)     21 days in the case of a Default
                                             under any of the Ancillary
                                             Agreements,

                                                                              6.

<PAGE>

                           (or, in any such case, any longer period agreed by
                           the Government Parties, that agreement not to be
                           unreasonably withheld so long as the Government
                           Parties are of the reasonable opinion that the remedy
                           of that Default is being diligently pursued by an
                           Enforcing Party) of the date on which the notice
                           referred to in clause 3.3(b) is given; or

                  (ii)     if that Default is not a Default which is capable of
                           remedy (including by way of remedy in any manner
                           referred to in clause 1.3(b)), an Enforcing Party
                           does not enter into possession of the Purchasing
                           Parties' Rights under the Project Documents and
                           commence and continue to perform its obligations
                           under the Project Documents within:

                           (A)      if the Default is a Material Event of
                                    Default, the Applicable Cure Period; or

                           (B)      in the case of any Default other than a
                                    Material Event of Default:

                                    (I)      120 Business Days in the case of a
                                             Default under either of the leases
                                             or under the Sale Agreement; or

                                    (II)     21 days in the case of a Default
                                             under any of the Ancillary
                                             Agreements,

                                    of the date on which the notice referred to
                                    in clause 3.3(b) is given; or

                  (iii)    the Security Trustee has notified the Government
                           Parties that it elects not to take any steps to
                           remedy (including by way of remedy in any manner
                           referred to in clause 1.3(b)) that Default,

                  and may not give such a notice or exercise such a Right during
                  an Applicable Cure Period (or so long as any other enforcement
                  action subsists).

         (d)      For the avoidance of doubt, if an act, omission, event or
                  circumstance is or is capable of becoming a Material Event of
                  Default under a Lease ("First Lease") and as a result the
                  First Lease is terminated, thereby causing a Default under the
                  other Lease ("Other Lease"), no Applicable Cure Period shall
                  apply in respect of that Default under the Other Lease and the
                  Government Parties may immediately give such notice or
                  exercise such Right in respect of such Default under the Other
                  Lease as they may in their discretion determine.

3.4      CURE PROCEDURE

         (a)      During the Applicable Cure Period (or, in the case of the
                  enforcement of a Security Interest or the occurrence of an
                  Insolvency Event, within 10 Business Days) the Government
                  Parties shall afford the Security Trustee the opportunity to
                  produce a detailed proposal ("Proposal") for remedying the
                  Default.

         (b)      If the Proposal is reasonably acceptable to the Government
                  Parties then, so long as:

                                                                              7.

<PAGE>

                  (i)      the Security Trustee implements the Proposal with
                           reasonable diligence; and

                  (ii)     the Security Trustee complies with its obligations
                           under this document,

                  the Government Parties must not terminate the Project
                  Documents based on the Default.

3.5      ENFORCEMENT OF A SECURITY

         (a)      If, at any time during the Term of the Project Documents, an
                  Enforcing Party enters into possession of the Corridor Land or
                  the Leased Railway Infrastructure or any other property of any
                  of the Purchasing Parties or if there is any exercise of power
                  of sale by the Enforcing Party of the Freight Business then
                  the Enforcing Party shall:

                  (i)      within 10 Business Days, provide the Government
                           Parties with a reasonable plan for achieving full
                           compliance with the Purchasing Parties' obligations
                           under the Project Documents to be assumed by the
                           Enforcing Party or another person reasonably
                           acceptable to the Government Parties within 6 months
                           from the entry into possession, foreclosure or
                           extinguishment; and

                  (ii)     diligently pursue, and keep the Government Parties
                           informed as to, the implementation of the plan using
                           reasonable endeavours to achieve full compliance with
                           the Purchasing Parties' obligations under the Project
                           Documents in accordance with the timetable in the
                           plan.

         (b)      The Government Parties agree with the Security Trustee that
                  they will not withhold their consent to an assignment of the
                  Project Documents on enforcement of the Security by the
                  Security Trustee provided that, in the case of the Leases:

                  (i)      in the Minister's reasonable opinion, such an
                           assignment would be consistent with the State's
                           objectives referred to in Recital E to the Leases;

                  (ii)     the assignee is a person who has demonstrated by the
                           supply to the Minister of evidence acceptable to the
                           Minister (acting reasonably) that it is experienced
                           in and of good reputation in relation to maintaining
                           and operating a rail freight network as permitted by
                           the Project Documents, and is financially able to
                           operate and maintain that network and is or will be
                           at the date of assignment accredited as an owner and
                           operator under the Rail Safety Act and that it will
                           comply with Section 12(3) of the Act; and

                  (iii)    clauses 28(b) and (c) of the Leases are complied with
                           (whether by the Network Lessee or the Enforcing
                           Party).

         (c)      In relation to any assignment under clause 3.5(b) the Minister
                  agrees to do all such further acts and things as the Security
                  Trustee reasonably requires (including entering into documents
                  and making orders under the Act) to effect the transfer of all
                  rights and obligations in relation to the Freight Business to
                  the assignee (including those arising under the Project
                  Documents), which were originally

                                                                              8.

<PAGE>

                  effected in relation to the sale of the Freight Business to
                  the Purchaser, to the assignee.

3.6      EFFECT OF ASSIGNMENT

         (a)      Upon any assignment contemplated by clause 3.5(b) taking
                  effect:

                  (i)      subject to clause 3.6(b), any subsisting Default (and
                           any Right of the Government Parties to terminate the
                           Project Documents as a result of such Default) shall
                           be automatically waived;

                  (ii)     all liabilities of the Enforcing Party in connection
                           with this document and the Project Documents will
                           cease; and

                  (iii)    the Government Parties and the Treasurer will, at the
                           cost of the Purchasing Parties, execute any documents
                           reasonably required by the Enforcing Party for the
                           purpose of giving effect to the above.

         (b)      The waiver referred to in clause 3.6(a)(i), for the avoidance
                  of doubt, does not affect the obligations of the assignee to
                  comply with the terms of the Project Documents or the Rights
                  of the Government Parties in respect of any Default occurring
                  after the assignment.

3.7      INTERRUPTION OF SERVICES

         Nothing in clause 3 restricts the Government Parties from exercising at
         any time (whether or not within the Applicable Cure Period) any Right
         to remedy or to mitigate the effects of any Default if the Government
         Parties reasonably consider that such remedy or mitigation is necessary
         or desirable in the interests of procuring that there is no
         interruption to the continued availability of rail freight services
         within the State.

4.       MINISTER'S REPRESENTATIONS AND WARRANTIES

         The Minister represents and warrants to the Security Trustee that as of
         the date of this document and as at the Commencement Date:

         (a)      the Minister has legal capacity under the Act to enter into
                  this document on behalf of the State of Western Australia;

         (b)      the Commission has legal capacity under the Act to enter into
                  this document on its behalf and as agent of the State of
                  Western Australia;

         (c)      the State of Western Australia has good title to the Corridor
                  Land and Leased Railway Infrastructure to enable the Minister
                  to grant the rights and power to the Network Lessee under the
                  Lease;

         (d)      except for the Existing Third Party Interests, the Corridor
                  Land is not subject to any Encumbrance which would
                  unreasonably interfere with the use by the Network Lessee of
                  the Corridor Land or Leased Railway Infrastructure for a
                  Permitted Use;

                                                                             9.

<PAGE>

         (e)      except for the Non-Corridor Leased Railway Infrastructure, the
                  Leased Railway Infrastructure is situated on Corridor Land;
                  and

         (f)      the Corridor Land is that land described in the Corridor Land
                  Designation Order and in the Maps to the level of accuracy
                  approved on the Maps.

5.       NOTIFICATION BY SECURITY TRUSTEE

THE SECURITY TRUSTEE SHALL:

         (a)      provide to the Minister copies of any notice issued by it to
                  the Purchasing Parties demanding payment before their due date
                  of the moneys secured by the Security at approximately the
                  same time as or promptly after the notice is given to the
                  Purchasing Parties.

         (b)      promptly advise the Minister of any action taken to enforce
                  the Security.

         (c)      advise the Minister of the discharge of the Security.

6.       NOTICES

6.1      HOW TO GIVE A NOTICE

         A notice, consent or other communication under this document is only
         effective if it is:

         (a)      in writing, signed by or on behalf of the person giving it;

         (b)      addressed to the person to whom it is to be given; and

         (c)      either:

                  (i)      delivered or sent by pre-paid mail (by airmail, if
                           the addressee is overseas) to that person's address;
                           or

                  (ii)     sent by fax to that person's fax number and the
                           machine from which it is sent produces a report that
                           states that it was sent in full.

6.2      WHEN A NOTICE IS GIVEN

         A notice, consent or other communication that complies with this clause
         is regarded as given and received:

         (a)      if it is delivered or sent by fax:

                  (i)      by 5.00 pm (local time in the place of receipt) on a
                           Business Day - on that day; or

                  (ii)     after 5.00 pm (local time in the place of receipt) on
                           a Business Day, or on a day that is not a Business
                           Day - on the next Business Day; and

         (b)      if it is sent by mail within Australia - 3 Business Days after
                  posting.

                                                                             10.

<PAGE>

6.3      ADDRESS FOR NOTICES

         A person's address and fax number are those set out below, or as the
         person notifies the sender:

                                                                             11.

<PAGE>

               GOVERNMENT PARTIES

               Address:               C/- Westrail
                                      Westrail Centre
                                      West Parade
                                      East Perth WA 6004
               Fax number:            (618) 9326 2598
               Attention:             The Commissioner

               PURCHASING PARTIES
               Address:               C/- Freehills
                                      London Court
                                      London Circuit
                                      Canberra ACT 2601
               Fax number:            (02) 6240 6222
               Attention:             Andrew Miles

               SECURITY TRUSTEE
               Address:               C/- Julie Piper (Westrail)
                                      Level 17
                                      530 Collins Street
                                      Melbourne VIC 3000
               Fax number:            (03) 9273 2111
               Attention:             Julie Piper

7.       AMENDMENT AND ASSIGNMENT

7.1      AMENDMENT

         This document can only be amended, supplemented, replaced or novated by
         another document signed by the parties.

7.2      ASSIGNMENT BY SECURITY TRUSTEE

         (a)      The Security Trustee may not transfer its rights and
                  obligations under this document to a transferee unless that
                  transferee executes a deed agreeing to be bound by this
                  document in form and substance satisfactory to the Government
                  Parties. The Government Parties, the Treasurer and the
                  Purchasing Parties will also execute that document if
                  necessary for the purposes of giving effect to the transfer.

         (b)      The Government Parties acknowledge that any change to the
                  composition or entitlements of persons sharing in the Security
                  through the Security Trustee will not require the execution of
                  a deed under clause 7.2(a).

7.3      ASSIGNMENT BY GOVERNMENT PARTIES

         The Government Parties may not

                                                                             12.

<PAGE>

         (a)      assign its rights or transfer its obligations under this
                  document; or

         (b)      dispose of any part of the Corridor Land or the Leased Railway
                  Infrastructure or create any interest therein.

         in favour of any other person unless that person executes a deed in
         form and substance satisfactory to the Security Trustee agreeing to be
         bound by this document and by the Project Documents. The Security
         Trustee and the Purchasing Parties will also execute that deed if
         necessary for the purposes of giving effect thereto.

8.       DISCHARGE/RELEASE OF SECURITY

         (a)      Subject to paragraph (b), this document shall terminate upon
                  the discharge or payment of all moneys owed actually and/or
                  contingently to the Security Trustee and the beneficiaries for
                  the time being of the Australian Railroad Group Security Trust
                  provided that if, following such discharge or payment, such
                  discharge or payment is avoided (under any law relating to
                  insolvency or otherwise) then the provisions of this document
                  shall continue to apply to regulate the respective rights and
                  obligations of the Government Parties and the Security
                  Trustee.

         (b)      The obligations of the State Parties under this document will
                  automatically cease if the only beneficiaries for the time
                  being of the Australian Railroad Group Security Trust are
                  persons who are not a bona fide and reputable financial
                  institution at arm's length from the ARG Parties and their
                  respective related entities (as defined in section 9 of the
                  Corporations Law).

9.       TREASURER'S GUARANTEE AND INDEMNITY

         (a)      The Treasurer exercising power under section 20 of the Act,
                  unconditionally and irrevocably guarantees to the Security
                  Trustee, the due and punctual performance by the Minister and
                  the Commission of their obligations under this document
                  including the obligation to pay any amount.

         (b)      As a separate undertaking the Treasurer indemnifies the
                  Security Trustee against all loss or liability arising from
                  and any costs, charges and expenses incurred in connection
                  with a breach by the Minister or the Commission of this
                  document including the obligation to pay any amount.

         (c)      The Treasurer's liability under this guarantee and indemnity
                  is not affected by anything which might release or exonerate
                  or otherwise affect him at law or in equity, including one or
                  more of the following:

                  (i)      the Security Trustee granting time or other
                           indulgence to, compromising with or partially
                           releasing in any way the Commission, the Minister or
                           the Treasurer;

                  (ii)     laches, acquiescence, delay, acts or omissions on the
                           part of the Security Trustee;

                  (iii)    any variation or novation of a right of the Security
                           Trustee;

                                                                             13.

<PAGE>

                  (iv)     any alteration of this document or any agreement
                           entered into in the performance of this document,
                           with or without the consent of the Treasurer; and

                  (v)      the invalidity or unenforceability of an obligation
                           or liability of a person other than the Treasurer,

         (d)      This guarantee and indemnity is a continuing guarantee and
                  indemnity and is not discharged by any one payment. This
                  guarantee and indemnity does not merge on Completion.

         (e)      The Treasurer waives any right he may have of first requiring
                  the Security Trustee to commence proceedings or enforce its
                  rights against the Commission, the Minister or the Treasurer
                  before claiming under this guarantee and indemnity.

10.      GENERAL

10.1     GOVERNING LAW

         (a)      This document is governed by the law in force in Western
                  Australia.

         (b)      Each party submits to the non-exclusive jurisdiction of the
                  courts exercising jurisdiction in Western Australia, and any
                  court that may hear appeals from any of those courts, for any
                  proceedings in connection with this document, and waives any
                  right it might have to claim that those courts are an
                  inconvenient forum.

10.2     STAMP DUTY

         The Purchasing Parties shall bear any stamp duty (including fines and
         penalties) chargeable on this document. The Purchasing Parties shall
         indemnify each other party on demand against any liability for that
         stamp duty.

10.3     GIVING EFFECT TO THIS DOCUMENT

         Each party must do anything (including execute any document), and must
         ensure that its employees and agents do anything (including execute any
         document), that any other party may reasonably require to give full
         effect to this document.

10.4     NO WAIVER

         No waiver or consent, whether express or implied, to any breach of this
         document by any party is to be construed as a consent or waiver to any
         other breach.

10.5     OPERATION OF THIS DOCUMENT

         (a)      This document contains the entire agreement between the
                  parties about its subject matter. Any previous understanding,
                  agreement, representation or warranty relating to that subject
                  matter is replaced by this document and has no further effect.

                                                                             14.

<PAGE>

         (b)      Any right that a person may have under this document is in
                  addition to, and does not replace or limit, loss any other
                  right that the person may have.

         (c)      Any provision of this document which is unenforceable or
                  partly unenforceable is, where possible, to be severed to the
                  extent necessary to make this document enforceable, unless
                  this would materially change the intended effect of this
                  document.

10.6     COUNTERPARTS

         This document may be executed in counterparts.

10.7     ATTORNEYS

         Each person who executes this document on behalf of a party under a
         power of attorney declares that he or she is not aware of any fact or
         circumstance that might affect his or her authority to do so under that
         power of attorney.

                                                                             15.
<PAGE>

________________________________________________________________________________

EXECUTED as a deed.

SIGNED, SEALED and DELIVERED by
THE HONOURABLE MURRAY
CRIDDLE MLC in the presence of:                  _______________________________
                                                 Signature of party

_____________________________
Signature of witness

_____________________________
Name

THE COMMON SEAL of THE         )
WESTERN AUSTRALIAN
GOVERNMENT RAILWAYS            )
COMMISSION
                               )
was hereunto affixed in the
presence of:                   )

                               )       ................................

                               )       Commissioner

                                       ................................
                                       Secretary

SIGNED, SEALED and DELIVERED by
THE HONOURABLE RICHARD
FAIRFAX COURT in the presence of:                _______________________________
                                                 Signature of party

_____________________________
Signature of witness

_____________________________
Name

                                                                             16.
<PAGE>

________________________________________________________________________________

SIGNED, SEALED and DELIVERED for
WESTNET STANDARDGAUGE PTY
LTD under power of attorney in
the presence of:                                 _______________________________
                                                 Signature of attorney

_____________________________                    _______________________________
Signature of witness                             Name

_____________________________                    _______________________________
Name                                             Date of power of attorney

SIGNED, SEALED and DELIVERED for
WESTNET NARROWGAUGE PTY LTD
under power of attorney in the presence of:      _______________________________
                                                 Signature of attorney

_____________________________                    _______________________________
Signature of witness                             Name

_____________________________                    _______________________________
Name                                             Date of power of attorney

SIGNED, SEALED and DELIVERED for
AUSTRALIA WESTERN RAILROAD PTY LTD
under power of attorney in the presence of:      _______________________________
                                                 Signature of attorney

_____________________________                    _______________________________
Signature of witness                             Name

_____________________________                    _______________________________
Name                                             Date of power of attorney

                                                                             17.
<PAGE>

________________________________________________________________________________

SIGNED, SEALED and DELIVERED for
AUSTRALIAN RAILROAD GROUP PTY
LTD under power of attorney in the
presence of:                                     _______________________________
                                                 Signature of attorney

_____________________________                    _______________________________
Signature of witness                             Name

_____________________________                    _______________________________
Name                                             Date of power of attorney

SIGNED, SEALED and DELIVERED for
ANZ CAPEL COURT LIMITED under
power of attorney in the presence of:            _______________________________
                                                 Signature of attorney

_____________________________                    _______________________________
Signature of witness                             Name

_____________________________                    _______________________________
Name                                             Date of power of attorney

                                                                             18.
<PAGE>

                                   SCHEDULE 1

                                    SECURITY

The Fixed and Floating Charge and Equitable Mortgage of Shares dated on or about
the date of this document and made between the Purchasing Parties and others and
the Security Trustee

                                                                             19.
<PAGE>

                                   SCHEDULE 2

                               PROJECT DOCUMENTS

1.       The Leases

2.       The Sale Agreement

3.       The Ancillary Agreements

                                                                             20.<PAGE>

                                                                   EXHIBIT 10.52

                                 TRIPARTITE DEED

                    Minister for Transport and Urban Planning
                                    (Lessor)

                     Australia Southern Railroad Pty Limited
                                    (Lessee)

                             ANZ Capel Court Limited
                               (Security Trustee)

<PAGE>

                                    CONTENTS

<TABLE>
<S>                                                               <C>
1.    DEFINITIONS AND INTERPRETATION                               3

      1.1      Definitions                                         3
      1.2      Definitions in Lease                                4
      1.3      Interpretation                                      4
      1.4      Inconsistency                                       5
      1.5      Capacity of Security Trustee                        5

2.    CONSENT AND ACKNOWLEDGEMENT                                  5

      2.1      By the Lessor                                       5
      2.2      By the Lessee                                       6
      2.3      By the Security Trustee                             6
      2.4      No consent                                          6

3     DEFAULT                                                      6

      3.1      Notification by Lessor                              6
      3.2      Security Trustee's cure rights                      6
      3.3      Termination by Lessor of Lease                      7
      3.4      Other enforcement by the Lessor                     7
      3.5      Application under Railways Act                      8
      3.6      Enforcement of a Security                           9

4.    PARTIAL SURRENDERS                                           9

      4.1      Voluntary Surrenders                                9
      4.2      Surrender Warning Notice                            9
      4.3      No Surrender Notice                                 9

5.    INFORMATION SHARING                                         10

      5.1      Notification by Lessor                             10
      5.2      Notification by Security Trustee                   10

6.    TRACK INFRASTRUCTURE CHARGE                                 10

      6.1      Consent                                            10
      6.2      Ranking                                            10
      6.3      Release of Track Infrastructure                    10
      6.4      Transfer of Track Infrastructure                   10
      6.5      Repair                                             11
      6.6      Compliance                                         11

7.    NOTICES                                                     11

8.    ASSIGNMENT                                                  12
</TABLE>

<PAGE>

<TABLE>
<S>                                                               <C>
      8.1      By Security Trustee                                12
      8.2      By Lessor                                          12

9.    MISCELLANEOUS                                               12

      9.1      Amendment                                          12
      9.2      Stamp duty and costs                               12
      9.3      Further security                                   12
      9.4      Entire agreement                                   12
      9.5      Further assurances                                 13
      9.6      Severability of provisions                         13
      9.7      No waiver                                          13
      9.8      Governing law                                      13
      9.9      Counterparts                                       13
      9.10     Production                                         13

10.   TERM                                                        13

11.   CONSENT                                                     13
</TABLE>

                                                                             ii.

<PAGE>

                                 TRIPARTITE DEED

DATED             2000 between:

PARTIES

         Minister for Transport and Urban Planning, a body corporate under the
         Administrative Arrangements Act 1994 (the "LESSOR")

         Australia Southern Railroad Pty Limited (ACN 079 444 296) of 12 Pirie
         Street Adelaide, South Australia (the "Lessee")

         ANZ Capel Court Limited (ACN 004 768 807) of Level 17, 530 Collins
         Street, Melbourne, Victoria (the "Security Trustee")

RECITALS

A.       The Lessor and the Lessee are parties to an agreement for lease dated 7
         November 1997 and will be the parties to a lease to be dated after the
         date of this Deed in, or substantially in, the form of the annexure to
         the agreement for lease. The Lessor and the Lessee may subsequently
         enter into additional incidental leases (all these agreements and
         leases are referred to herein as the Lease).

B.       The Lessee has issued, or proposes issuing, a fixed charge over the
         Lessee' rights under, and interest in, the Lease in favour of the
         Security Trustee as security trustee for financiers to the Borrower
         (THE SECURITY).

IT IS AGREED as follows,

1.       DEFINITIONS AND INTERPRETATION

1.1      DEFINITIONS

         The following definitions apply unless the context requires otherwise.

         "Applicable Cure Period" means the period allowed to the Security
         Trustee to cure or procure the cure of a Critical Default as set out in
         Schedule 1 hereto, being a period commencing on the date of notice
         being given to the Security Trustee pursuant to clause 3.3(b).

         "Australian Railroad Group Security Trust" means the trust established
         by the Security Trust Deed.

         "Borrower" means ARG Financing Pty Ltd ACN 094 806 078.

         "Critical Default" means those Defaults under the Lease listed as such
         in Schedule 1.

         "Default" means:

         (a)      any breach by the Lessee of any of its obligations under the
                  Lease or any Event of Default (as defined in the Lease);

                                                                              3.
<PAGE>

         (b)      any event or circumstance which, alone or with the lapse of
                  time or notice or both, would entitle the Lessor to require
                  the Lessee to surrender the Lease in respect of any portion of
                  the Land, or

         (c)      any other event or circumstance which, alone or with the lapse
                  of time or notice or both, would entitle the Lessor to
                  terminate or rescind the Lease or treat it as repudiated or
                  suspend the Lessor's performance of any obligations under it.

         "ENFORCING PARTY" means the Security Trustee or any receiver, receiver
         and manager, administrator, agent or attorney appointed under a
         Security.

         "POWER" means any right, discretion, power or remedy, whether express
         or implied. It includes accepting repudiation and granting waivers.

         "RAIL CORRIDOR LAND" means land on which track and Track Infrastructure
         which is necessary for the effective use of the track is located and
         contiguous land required for purposes of access, maintenance and
         effective use of that track and Track Infrastructure.

         "RAILWAYS ACT" means the Railways (Operations and Access) Act 1997
         (SA).

         "SECURITY" includes any additional or replacement security granted by
         the Lessee in favour of the Security Trustee in respect of the Lease.

         "SECURITY TRUST DEED" means the Security Trust Deed dated on or about
         the date of this Deed between the Borrower, Australia and New Zealand
         Banking Group Limited and the Security Trustee.

         "SURRENDER CURE PERIOD" means the period allowed to the Security
         Trustee to cure or procure the cure of a default in respect of a
         portion of the Rail Corridor Land under clause 44 of the Lease as set
         out in Schedule 2 hereto being a period commencing on the date of
         notice being given to the Security Trustee pursuant to clause 4.2.

         "SURRENDER DEFAULT" means those Defaults under the Lease listed in
         Schedule 2.

1.2      DEFINITIONS IN LEASE

         Definitions in the Lease apply in this Deed, unless the term is
         otherwise defined in this Deed or the context requires otherwise.

1.3      INTERPRETATION

         (a)      Clause 1.2 of the Lease applies as if incorporated in this
                  Deed as if references to this Lease were to this Deed.

         (b)      A reference in this Deed to remedy of a Default includes,
                  where the Default is not capable of remedy within the time
                  allowed under this Deed or the Lease, the making of other
                  arrangements reasonably satisfactory to the Lessor including
                  the payment of reasonable compensation where compensation is
                  an adequate remedy for the Lessor.

         (c)      A reference to include, includes or including does not limit
                  what else might be included.

                                                                              4.
<PAGE>

1.4      INCONSISTENCY

         In the event of any inconsistency between this Deed and the Lease this
         Deed will prevail,

1.5      CAPACITY OF SECURITY TRUSTEE

         The Security Trustee enters into this Deed in its capacity as trustee
         under the Security Trust Deed and, notwithstanding anything in this
         Deed, each party to this Deed (other than the Security Trustee)
         acknowledges that any rights which it may have against the Security
         Trustee under or in respect of this Deed shall not be against the
         Security Trustee personally but against the Security Trustee solely in
         its capacity as trustee under the Security Trust Deed. Accordingly, the
         Security Trustee may not be called on or be liable to satisfy any such
         rights out of any of its personal assets, and recourse (if any) against
         the Security Trustee shall be limited to the assets held by it in its
         capacity as trustee under the Security Trust Deed.

2.       CONSENT AND ACKNOWLEDGEMENT

2.1      BY THE LESSOR

         The Lessor consents to the creation of the Security and acknowledges
         that:

         (a)      (NO DEFAULT) neither the creation of the Security nor the
                  exercise of any Powers under a Security will of itself
                  contravene or constitute a Default under the Lease or entitle
                  the Lessor to exercise any Power (including of termination)
                  under it;

         (b)      (ENFORCEMENT) at any time after commencement of enforcement of
                  the Security any Enforcing Party may exercise all or any of
                  the Powers, and perform all or any of the obligations of the
                  Lessee under or in relation to the Lease as if it were the
                  Lessee to the exclusion of the Lessee; and

         (c)      (INEFFECTIVE) the Lessee cannot

                  (i)      amend, vary, terminate, rescind, repudiate (otherwise
                           than by breach) or accept any termination, rescission
                           or repudiation of the Lease;

                  (ii)     grant any waiver or release under or in relation to
                           the Lease; or

                  (iii)    enter into any document or agreement in relation to
                           the Lease or Railway Operations which has the effect
                           of varying or supplementing the Lease,

                  without the prior written consent of the Security Trustee
                  which shall not he unreasonably withheld in any case where the
                  Lessee has covenanted not to unreasonably withhold its consent
                  under the Lease, Any purported amendment variation,
                  termination, rescission, repudiation (otherwise than by
                  breach), acceptance, waiver, release, document or agreement
                  without that consent will be ineffective. The Lessee
                  acknowledges that it must obtain the prior written consents
                  referred to promptly and at its own expense.

                                                                              5.
<PAGE>

2.2      BY THE LESSEE

         The Lessee acknowledges that it is bound by and shall cooperate in the
         implementation of this Deed. The Lessee acknowledges that this Deed is
         only intended to benefit the Security Trustee and the Lessor.

2.3      BY THE SECURITY TRUSTEE

         The Security Trustee acknowledges that unless expressly authorised or
         provided for under this Deed, nothing in this Deed:

         (a)      authorises the Security Trustee to do anything which the
                  Lessee may not do under the Lease;

         (b)      operates to grant the Security Trustee rights greater than the
                  rights of the Lessee under the Lease; or

         (c)      authorises the Security Trustee to do any act or thing without
                  the Lessors consent where under the Lease or under legislation
                  the Lessee requires the Lessor's consent to such act or thing.

2.4      NO CONSENT

         The Security Trustee undertakes to the Lessor that it shall not consent
         to or grant permission to the Lessee assigning or mortgaging the Lease
         or granting a Sub-lease (except as permitted by the Lease or by this
         Deed) without the Lessor's prior written consent.

3.       DEFAULT

3.1      NOTIFICATION BY LESSOR

         (a)      The Lessor may notify the Security Trustee of:

                  (i)      any Default; or

                  (ii)     any event or circumstance of force majeure under
                           clause 11 of the Lease,

                  as soon as it becomes aware of the same. The Lessee confirms
                  that it has no objection to any such notification.

         (b)      The Lessor shall promptly give the Security Trustee copies of
                  all documents issued by the Lessor to the Lessee under the
                  Lease in any way relating to, or arising out of, any matter
                  described in paragraph (a).

3.2      SECURITY TRUSTEE'S CURE RIGHTS

         (a)      On becoming aware of any Default an Enforcing Party may take
                  steps to remedy, or procure the remedy of, that Default. No
                  Enforcing Party is obliged to do so.

         (b)      To the extent reasonably requested by an Enforcing Party for
                  the purpose of exercising its Powers under this Deed the
                  Lessor shall:

                                                                              6.
<PAGE>

                  (i)      promptly provide that Enforcing Party with any
                           information in its possession (including details of
                           any steps which the Lessor considers appropriate to
                           be taken to remedy the Default); and

                  (ii)     ensure that it will not prevent or hinder any access
                           to the Land by the Security Trustee.

3.3      TERMINATION BY LESSOR OF LEASE

         Despite anything in the Lease or any other document, and whether or not
         the Security Trustee has taken any action to enforce the Security, the
         Lessor may only terminate or rescind the Lease, treat the Lease as
         repudiated or re-enter and take possession of the Land if:

         (a)      a Critical Default is subsisting under the Lease; and

         (b)      the Lessor has given notice to the Security Trustee setting
                  out details of the Critical Default and identifying it as a
                  Critical Default; and

         (c)      either:

                  (i)      that Critical Default has not been remedied within
                           the Applicable Cure Period (or any longer period
                           agreed by the Lessor, that agreement not to be
                           unreasonably withheld so long as the remedy of that
                           Default is being diligently pursued by an Enforcing
                           Party); or

                  (ii)     the Security Trustee has notified the Lessor that it
                           elects not to take any steps to remedy the Default.

3.3A     CURE PROCEDURE

         (d)      During the Applicable Cure Period the Lessor shall afford the
                  Security Trustee the opportunity to produce a detailed
                  proposal ("Proposal") for remedying the relevant breach
                  ("Relevant Breach").

         (e)      If:

                  (i)      the Proposal is reasonably acceptable to the Lessor;

                  (ii)     the Security Trustee implements the Proposal with
                           reasonable diligence; and

                  (iii)    the Security Trustee complies with its obligations
                           under this Deed,

                  then the Lessor must not terminate the Lease based upon the
                  Relevant Breach during the Applicable Cure Period.

3.4      OTHER ENFORCEMENT BY THE LESSOR

         Despite anything in the Lease or any other document, and whether or not
         the Security Trustee has taken any action to enforce a Security, the
         Lessor may only exercise any Powers (other than to terminate or rescind
         the Lease, to treat the Lease as repudiated or to re-enter and take
         possession of the Land) which, but for this sub-clause, it would be
         entitled to exercise under the Lease as a result of a Default if:

                                                                              7.
<PAGE>

         (a)      the Lessor has given notice to the Security Trustee setting
                  out details of the Default giving rise to that exercise; and

         (b)      either:

                  (i)      if the Default is a breach of the Lease which is
                           capable of remedy, that Default has not been remedied
                           within 90 Business Days (or any longer period agreed
                           by the Lessor, that agreement not to be unreasonably
                           withheld so long as the remedy of that Default is
                           being diligently pursued by an Enforcing Party) of
                           the date on which the notice referred to in paragraph
                           (a) is given; or

                  (ii)     if the Default is not a breach of the Lease which is
                           capable of remedy, an Enforcing Party does not enter
                           into possession of the Lessee's rights under the
                           Lease and commence and continue to perform its
                           obligations under the Lease within 90 Business Days
                           of the date on which the notice referred to in
                           paragraph (a) is given; or

                  (iii)    the Security Trustee has notified the Lessor that it
                           elects not to take any steps to remedy the Default.

3.5      APPLICATION UNDER RAILWAYS ACT

         The Lessor, the Lessee and the Security Trustee agree the following
         principles and criteria for the purposes of Section 26 of the Railways
         Act:

         (a)      the regulator (as defined in the Railways Act) must give the
                  Lessee and the Security Trustee at least 21 days notice of any
                  application for the appointment of an administrator (as
                  defined in the Railways Act) under the Railways Act;

         (b)      the Security Trustee must be afforded the opportunity to
                  address the court as to whether the administrator should be
                  appointed and, if appointed the basis and scope of the
                  administrator's rights and obligations;

         (c)      the administrator should remain as administrator only for so
                  long as required to fulfil the objects of the Railways Act;

         (d)      the administrator should at all times engage in reasonable
                  consultation with the Security Trustee and should reasonably
                  take into account the interests of the Security Trustee as a
                  secured creditor and the Lessee as owner of the business;

         (e)      the administrator should provide all reasonable assistance to
                  the Security Trustee including provision of financial and
                  operating information, to enable the Security Trustee to
                  realise its security; and

         (f)      the administrator should hand over to the Security Trustee all
                  sums held by him which are properly payable under a Security
                  and are surplus to the cost of operating the business of the
                  Lessee so as to fulfil the objects of the Act and the
                  reasonable costs of the administration.

                                                                              8.
<PAGE>

3.6      ENFORCEMENT OF A SECURITY

         (a)      The Security Trustee acknowledges that any enforcement of the
                  Security must comply with all relevant legislation and this
                  Deed.

         (b)      If, at any time during the Term of the Lease, an Enforcing
                  Party:

                  (i)      enters into possession of the Land; or

                  (ii)     forecloses or extinguishes the Lessee's equity of
                           redemption in respect of the Lease;

                  or if there is any exercise of power of sale by the Enforcing
                  Party or any receiver appointed by it of the Railway
                  Operations then the Enforcing Party shall:

                  (iii)    within 10 Business Days, provide the Lessor with a
                           reasonable plan for achieving full compliance with
                           the Lessee's obligations under the Lease (including
                           the obligation to conduct Railway Operations in
                           accordance with the Minimum Service Requirements) to
                           be assumed by the Enforcing Party or another person
                           reasonably acceptable to the Lessor within 6 months
                           from the entry into possession, foreclosure or
                           extinguishment; and

                  (iv)     diligently pursue, and keep the Lessor informed as
                           to, the implementation of the plan using reasonable
                           endeavours to achieve full compliance with the
                           Lessee's obligations under the Lease in accordance
                           with the timetable in the plan.

         (c)      The Lessor agrees with the Security Trustee that it will not
                  unreasonably withhold its consent to an assignment of the
                  Lease on enforcement of the Security by the Security Trustee
                  to a person who has demonstrated to the reasonable
                  satisfaction of the Lessor that the person has the operational
                  and financial capacity to successfully conduct Railway
                  Operations on the Land in accordance with the Lease.

4        PARTIAL SURRENDERS

4.1      VOLUNTARY SURRENDERS

         The Lessee may not issue a Surrender Notice or otherwise surrender any
         portion of the Rail Corridor Land without the prior written consent of
         the Security Trustee. The Lessee acknowledges that it must obtain such
         consent at its own expense.

4.2      SURRENDER WARNING NOTICE

         At or about the time the Lessor gives any Surrender Warning Notice to
         the Lessee it must give a copy of such notice to the Security Trustee.

4.3      NO SURRENDER NOTICE

         The Lessor shall not give a Surrender Notice in respect of any part of
         the Rail Corridor Land if the Surrender Default in respect of which a
         Surrender Notice could otherwise have been given is remedied within the
         Surrender Cure Period (or any longer period agreed by the Lessor, that
         agreement not to be unreasonably withheld so long as the remedy of that
         Surrender Default is being diligently pursued by an Enforcing Party).

                                                                              9.
<PAGE>

5.       INFORMATION SHARING

5.1      NOTIFICATION BY LESSOR

        The Lessor must provide to the Security Trustee copies of any:

         (a)      notice issued by it to the Lessee under clause 4.3 of the
                  Lease; and

         (b)      any Surrender Warning Notice or Surrender Notice issued by it
                  to the Lessee under clause 4.5 of the Lease,

         at the same time as the notice is given to the Lessee.

5.2      NOTIFICATION BY SECURITY TRUSTEE

         (a)      The Security Trustee must provide to the Lessor copies of any
                  default notice issued by it to the Lessee under a Security at
                  the same time as the notice is given to the Lessee.

         (b)      The Security Trustee must promptly advise and keep the Lessor
                  advised about any action taken or proposed to be taken to
                  enforce the rights of the Security Trustee under a Security.

         (c)      The Security Trustee must advise the Lessor upon the discharge
                  of the Security or, if it occurs earlier, upon the Lessee
                  first becoming entitled to require its discharge.

6.       TRACK INFRASTRUCTURE CHARGE

6.1      CONSENT

         The Security Trustee hereby consents to the charge in favour of the
         Lessor contained in the Deed of Agreement to Lease dated 7 November
         1997 (Option Charge).

6.2      RANKING

         The Lessor and the Security Trustee agree that the Option Charge shall
         rank in all respects, after the Security, but subject to the
         undertakings by the Security Trustee hereunder.

6.3      RELEASE OF TRACK INFRASTRUCTURE

         The Security Trustee shall not release any of the Track Infrastructure
         from the Security without the prior written consent of the Lessor
         (which shall not be withheld if the release is part of a transfer in
         compliance with clause 6.4) other than on a total discharge of the
         Security on repayment of all debt secured by it.

6.4      TRANSFER OF TRACK INFRASTRUCTURE

         No Enforcing Party shall sell, transfer or otherwise dispose of the
         Track Infrastructure except:

         (a)      to a permitted assignee of the Lease, subject to the Option
                  Charge; or

         (b)      if the Lease (or portion of the Lease) is terminated Track
                  Infrastructure which the Lessor has elected not to acquire.

                                                                             10.
<PAGE>

6.5      REPAIR

         Any Enforcing Party shall on enforcement have the same rights as the
         Lessee under the Lease to remove and sell Track Infrastructure for
         repair and/or replacement.

6.6      COMPLIANCE

         The Security Trustee undertakes that on enforcement of the Security any
         Enforcing Party shall comply with the Lessee's obligations to sell or
         transfer the Track Infrastructure to the Lessor in accordance with the
         Lease.

7.       NOTICES

         Any notice given under this Deed:

         (a)      must be in writing addressed to the intended recipient at the
                  address shown below or the address last notified by the
                  intended recipient to the sender:

                  LESSOR:

                  Executive Director
                  Transport SA
                  33-37 Warwick Street
                  PO Box 1
                  WALKERVILLE SA 5081

                  Fax: (08) 8343 2497

                  LESSEE:

                  Australia Southern Railroad Pty Limited
                  320 Churchill Road
                  Kilburn SA 5942

                  Attention: Mr Chuck Chabot/Mr Ian Jamieson
                  Fax: (08) 8343 5455

                  SECURITY TRUSTEE:

                  ANZ Capel Court Limited
                  Level 17
                  530 Collins Street
                  Melbourne VIC 3000

                  Attention: Julie Piper
                  Fax: (03) 9273 2111

         (b)      must be signed by a person duly authorised by the sender; and

         (c)      will be taken to be duly given or made (in the case of
                  delivery in person or by post, fax or cable) when delivered,
                  received or left at the above address but if delivery or
                  receipt occurs on a day on which business is not generally
                  carried on in the place to which the communication is sent or
                  is later than 4 pm (local time) it will be taken to

                                                                             11.
<PAGE>

                  have been duly given or made at the commencement of business
                  on the next day on which business is generally carried on in
                  the place.

8.       ASSIGNMENT

8.1      BY SECURITY TRUSTEE

         (a)      The Security Trustee may not assign its rights under this Deed
                  without the prior written consent of the Lessor. The Lessor
                  will not unreasonably withhold its consent where the assignee
                  is a financial institution of financial standing acceptable to
                  the Lessor and executes a deed to be bound by this Deed in
                  form and substance satisfactory to the Lessor. If the Security
                  Trustee assigns all its rights, then upon the assignor
                  executing such a deed the assignor will be released of its
                  obligations under this Deed in respect of the period after
                  assignment.

         (b)      The Lessor acknowledges that any change to the composition or
                  entitlements of financiers or noteholders providing financial
                  accommodation to the Lessee will not require the consent of
                  the Lessor under paragraph (a).

         (c)      The Security trustee shall advise the Lessor annually of the
                  names, addresses and contact names of each of the then
                  financiers referred to in paragraph (b) above and of each of
                  the then noteholders' trustees and, if appointed, the
                  noteholders' fiscal agent, and at any other time upon the
                  written request of the Lessor.

8.2      BY LESSOR

         The Lessor may assign or transfer by novation any of its rights and
         obligations under this Deed to any party which acquires the freehold
         title to the property the subject of the Lease and which becomes a
         party to this Deed.

9.       MISCELLANEOUS

9.1      AMENDMENT

         This Deed may be amended only by another deed executed by all parties.

9.2      STAMP DUTY AND COSTS

         The Lessee shall bear any stamp duty (including fines and penalties)
         chargeable on this Deed. The Lessee shall indemnify each other party on
         demand against any liability for that stamp duty.

9.3      FURTHER SECURITY

         Any further security or assurance from the Lessee or under the Security
         in favour of the Security Trustee will be taken to be part of the
         Security and governed by this Deed, but such security or assurance may
         only be given with the consent of the Lessor.

9.4      ENTIRE AGREEMENT

         This Deed contains the entire agreement of the parties with respect to
         its subject matter. It sets out the only conduct relied on by the
         parties and supersedes all earlier conduct by the

                                                                             12.
<PAGE>

         parties with respect to its subject matter. Without limitation, the
         Security Trustee is not obliged to do anything except as expressly set
         out in this Deed.

9.5      FURTHER ASSURANCES

         The parties must do all things necessary to give effect to any
         provision of this Deed.

9.6      SEVERABILITY OF PROVISIONS

         Any provision of this Deed which is prohibited or unenforceable in any
         jurisdiction is ineffective as to that jurisdiction to the extent of
         the prohibition or unenforceability. That does not invalidate the
         remaining provisions of this Deed nor affect the validity or
         enforceability of that provision in any other jurisdiction.

9.7      NO WAIVER

         No consent or waiver, whether express or implied, to any breach of this
         Deed by any party is to be construed as a consent or waiver to any
         other breach.

9.8      GOVERNING LAW

         This Deed is governed by and construed in accordance with the laws of
         South Australia. The parties submit to the non-exclusive jurisdiction
         of courts exercising jurisdiction there.

9.9      COUNTERPARTS

         This Deed may be executed in any number of counterparts. All
         counterparts together will be taken to constitute one instrument.

9.10     PRODUCTION

         Each of the Lessee and the Security Trustee consents to this Deed being
         tabled or otherwise produced in the South Australian Parliament.

10.      TERM

         This Deed shall terminate upon the discharge or payment of all moneys
         owed actually or contingently to the Security Trustee and the
         beneficiaries for the time being of the Australian Railroad Group
         Security Trust provided that if, following such discharge or payment,
         such discharge or payment is avoided (under any law relating to
         insolvency or otherwise) then the provisions of this Deed shall
         continue to apply to regulate the respective rights and obligations of
         the Lessor and the Security Trustee.

11.      CONSENT

         The Lessee hereby consents to any action reasonably taken by the Lessor
         to comply with its obligations under this Deed.

EXECUTED as a deed

Each attorney executing this Deed states that he has not received notice of the
revocation or suspension of his power of attorney.

                                                                             13.
<PAGE>

SIGNED SEALED and DELIVERED on behalf
of THE MINISTER FOR TRANSPORT AND URBAN
PLANNING
by its duly authorised
signatory in the presence of:                ___________________________________
                                             Signature

___________________________________          ___________________________________
Signature of witness                         Name

___________________________________
Name

SIGNED SEALED and DELIVERED on behalf
of AUSTRALIA SOUTHERN RAILROAD PTY
LIMITED
by its attorney in the presence of:          ___________________________________
                                             Signature

___________________________________          ___________________________________
Signature of witness                         Name

___________________________________
Name

SIGNED SEALED and DELIVERED on behalf
of ANZ CAPEL COURT LIMITED
by its attorney in the presence of:          ___________________________________
                                             Signature

___________________________________          ___________________________________
Signature of witness                         Name

___________________________________
Name

                                                                             14.
<PAGE>

                                   SCHEDULE 1
<TABLE>
<CAPTION>
                                             APPLICABLE CURE PERIOD FROM DATE OF
             CRITICAL DEFAULT                          NOTICE BY LESSOR
----------------------------------------     -----------------------------------
<S>                                          <C>
1.       Failure by Lessee to provide        Six months from date of notice.
         the minimum Service
         Requirements for a continuous
         period of 6 months on entire
         Rail Corridor.

2.       Failure by the Lessee to            Twelve months from date of notice.
         conduct Railway Operations on
         the entire Rail Corridor for a
         continuous period of 18
         months.

3.       Removal of any Track                Six months from date of notice.
         Infrastructure as referred to
         in clause 9.1.1.2 of the Lease

4.       The occurrence of an Event of       Six months from date of notice.
         Default under clause 9 of the
         Lease other than an Event of
         Default referred to in
         paragraphs 1, 2 or 3 provided
         that such Event of Default
         must be:

         (a)      a breach which has a
                  substantial adverse
                  effect on the
                  Lessee's ability to
                  provide Minimum
                  Service Requirements
                  or conduct Railway
                  Operations; or

         (b)      a breach which the
                  Lessor reasonably
                  regards as a breach
                  which is
                  substantially adverse
                  to its interests as a
                  Lessor under the
                  Lease and for which a
                  remedy of damages or
                  injunction or
                  specific performance
                  (or similar order) of
                  the covenants in the
                  lease is not, in its
                  reasonable opinion,
                  an adequate remedy;
                  or

         (c)      a breach which the
                  Lessor reasonably
                  regards as a breach
                  which has a
                  substantial adverse
                  effect on the public
                  interest and cannot
                  be reasonably
                  remedied by an
                  injunction or order
                  for specific
                  performance (or
                  similar order) of _ _
                  the covenants in the
                  Lease.
</TABLE>

<PAGE>

                                   SCHEDULE 2

<TABLE>
<CAPTION>
   SURRENDER DEFAULT FROM DATE OF NOTICE       SURRENDER CURE PERIOD BY LESSOR
------------------------------------------   -----------------------------------
<S>                                          <C>
Railway Operations not conducted on a:       Twelve months from date of notice.

-        portion of the Rail Corridor Land
         for a

-        continuous period of eighteen
         months and

-        have not recommenced,

Failure by Lessee to provide Minimum         Six months from date of notice.
Service Requirements for a continuous
period of six months on portion of
the Rail Corridor Land.
</TABLE>

                                                                              3.

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