This announcement is a huge shot in the arm for the central Queensland economy with hundreds of jobs expected to be created during construction and once the mine is operational.
This is a big dose of export growth for Queensland’s premium coking coal, which is why Japan’s JFE Steel is investing in the project. This mine will also be a significant economic contributor to local communities and the wider Queensland economy. QRC’s current data shows that in 2015 - 16, the state’s coal industry’s total contribution of AUS$32.7 billion, supported more than 180 000 jobs. The coal industry spent AUS$11.3 billion in Queensland on more than 10 700 local businesses and almost 500 community organisations.
At last week’s spot prices of US$224, at full production, this project alone would generate more than AUS$450 million dollars extra a year in royalties for the Queensland Government that pays for nurses, doctors and teachers as well as important infrastructure.
Read the article online at: https://www.worldcoal.com/coal/09052017/major-coal-investment-for-central-queensland/