Home Australia Federal Govt to loan large Queensland coal project $175m

Federal Govt to loan large Queensland coal project $175m

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Federal Govt to loan large Queensland coal project $175m

A large metallurgical coal mine in Queensland’s Bowen Basin will fetch a $175 million loan from a federal company to commence the first stages of its sing.

Key beneficial properties:

  • The Olive Downs mine project has bought a $175m loan from the Northern Australian Infrastructure Facility
  • The mine is anticipated to make a contribution about $10b to Australia’s economy over its lifetime
  • Sources Minister Keith Pitt says the project has hideous-govt beef up

Pembroke Handy resource’s Olive Downs mine shall be located 40 kilometres south-west of Moranbah, within the Isaac Regional Council home.

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The loan from the Northern Australia Infrastructure Facility (NAIF) is for the mine’s first stage of sing, which contains rail and transmission lines, water pipelines, access roads and a coal dealing with preparation plant.

Federal Sources Minister Keith Pitt told the ABC the project would make a contribution about $10 billion to the Australian economy over its lifetime.

“There shall be 700 jobs in sing and a few 500 [jobs] when the ability is operational,” he acknowledged.

No ‘political nonsense’

Mr Pitt acknowledged the mine had hideous-govt beef up, so he didn’t query the insist govt to veto it admire it did a equivalent loan to Adani’s Carmichael Coal Mine within the lead up to the 2017 insist election.

“Premier Annastacia Palaszczuk made this piece of her election advertising and marketing campaign last year, so I’m assured that Queensland will remain supportive of it once extra,” he acknowledged.

“I point out, these are the reasons that I put modifications to the legislation by the parliament … [so] the Commonwealth does possess an avenue to present remark loans to proponents with out the insist, so we are able to rep far from that political nonsense.”

A map of coal mine sites in central Queensland.

The Olive Downs coal project shall be Queensland’s third largest coal mine.(

Pembroke Sources

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Mr Pitt acknowledged he used to be assured the mine would possess strong export attainable, despite the indisputable reality that commerce tensions with China persevered.

“There’s different metallic making products and companies all the device by the arena, together with in areas admire South Korea and Japan and others,” he acknowledged.

As soon because it is miles operational, the mine, which had its hire signed off by the insist govt in September last year, will develop into Queensland’s third largest coal mine.

The mine has no longer been with out controversy, with an ABC investigation in March revealing the mine won approvals despite the environmental regulator raising excessive concerns on the again of the scenes about lasting impacts on surrounding waterways.

80-year lifestyles expectancy

Pembroke Sources chair Barry Tudor acknowledged the mine had a reserve of 514m tonnes of “excessive-quality metallic making coal” and had a lifestyles expectancy of 80 years.

“The Olive Downs personnel shall be sourced from the placement as a priority and no longer be 100 per cent wing-in wing-out,” Mr Tudor acknowledged.

“We also check out forward to partnering with most of the native and regional firms and suppliers to the mining industry in our procurement activities.”

Financial sing team Larger Whitsunday Alliance chief govt Kylie Porter acknowledged the NAIF decision used to be necessary for the placement.

“, at the same time as we tend to hear different negative rhetoric round coal mining, the reality is metallurgical coal is in actuality necessary and quiet has an extraordinarily long-timeframe future globally,” she acknowledged.

“So here is an extraordinarily large nod of self perception all the device by the reality that our Bowen Basin, which is predominantly metallurgical coal, has a unparalleled future for quite quite a bit of years to reach.”

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Federal Govt to loan large Queensland coal project $175m