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Asciano Limited (ASX:AIO) has approved a capital investment program to redevelop and expand its container terminal at Port Botany in Sydney.



A $345 million investment will be made for the expansion project.



The ports and rail operator says the transformed Port Botany terminal will increase capacity to meet current trade growth forecasts.



The project is scheduled to complete during 2014 with about 270 job redundancies expected on completion.



In the first half of the 2012 financial year, Asciano reported a net profit of $113.9 million.