The NSW government is going ahead with its planned sale of the Port of Newcastle after a study showed it would benefit the state.
The government announced a 99-year-lease of the port as a centrepiece of its state budget in June.
On Tuesday Treasurer Mike Baird said the decision to green-light the sell-off came after a comprehensive scoping study confirmed it was in the state's interest to go ahead with the lease of the world's largest coal exporting port.
"Today is an exciting day for the people of Newcastle, who are one step closer to achieving the much-needed revitalisation of their city centre - a major investment which will be made possible through funds raised by the lease of the Port," he said in a statement.
The study showed strong initial interest from potential investors, Mr Baird said.
Expressions of interest will be sought later this month to produce a shortlist of contenders.
The NSW government expects to finalise the long term lease by the middle of next year.
Employees transferring to the lessee would have guaranteed employment for two years and transfer of all sick and annual leave entitlements, Mr Baird said.
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