$10 billion coal boom for Qld
- Australian officials are in India to formalise a deal for the largest and most comprehensive coal mining exploration program undertaken in Australia.
Federal Resources Minister Martin Ferguson and Queensland Premier Campbell Newman travelled to the sub-continent for the announcement by Indian-based infrastructure company The Adani Group that it’s ready to proceed with a multi-billion dollar mining project in the Galilee basin.
The Adani Group has completed a comprehensive geotechnical field investigation to define the coal resource at Carmichael Mine, which at ten billion tonnes, worth an estimated $10 billion, makes it the largest coal tenement in the world.
The company says the project will include the construction of a mine, rail and port infrastructure and create 4000 long-term jobs.
The Adani Group chairman, Gautam Adani, said the company’s partnership with Australia and Queensland had been one of “exceptional trust, transparency and understanding”.
“Australian industry and the Indian corporates like the Adani Group have some distinctive synergies, which will prove to be of mutual benefit to all in the long run,” Mr Adani said in a statement on Sunday.
“The Adani Group stands committed to setting up world-class infrastructure facilities such as a mine, railway and port in Australia.”
Mr Newman said India was now a “trading ally”.
“As India’s industries continue to grow, so do the opportunities for partnerships between our regions. India has become more to Queensland than a mere trading partner. We are now trading allies,” the premier said.
The Adani Group has already invested $3 billion in its integrated Australian projects and is expected to invest a further $7 billion over coming years.
The group is operating Abbot Point coal terminal near Bowen which it acquired in 2011 and is planning to increase its annual capacity to 120 million tonnes from the current 50 million tonnes.
The coal from the Carmichael Mine will be transported via the 400km railway line to Abbot Point for export to India.
© 2012 AAP
SOURCE: SILAS BERRY ASIACONSULT – http://news.smh.com.au/breaking-news-business/adani-to-mine-low-quality-coal-analyst-20120214-1t3uu.html