The Queensland Resources Council (QRC) has welcomed the State government’s decision to approve an AUS$82 million extension to the Stanmore Resources’ Isaac Plains metallurgical coal mine near Moranbah, calling it a huge vote of confidence in Queensland’s high-quality metallurgical coal industry.
QRC Chief Executive, Ian Macfarlane, said metallurgical coal prices were currently at record highs due to a surge in world steel production.
According to the latest Resources and Energy Quarterly report, the value of Australian metallurgical coal exports is forecast to reach almost AUS$32 billion by 2022 – 2023.
Volume-wise, exports of metallurgical coal are expected to increase from 171 million t to 186 million t by 2022 – 2023 due to increased demand from rapidly modernising South-East Asian economies.
Macfarlane said Stanmore Resources’ plans to expand output from its Isaac Plains complex, the mine owner, was great news for every Queenslander, with its new opencast mine project expected to contribute AUS$200 million in royalties to the state budget over its 10-year life span.
“Mining royalties help pay for the essential government services that every Queenslander needs and benefits from,” he said.
“That’s why it’s been so essential for the resources sector to keep working, earning and employing its way through the COVID-19 pandemic, because so many jobs and businesses rely on resources companies for their income.
“We take this responsibility very seriously, which is why our companies have gone above and beyond to follow Queensland Health protocols so we can continue to keep our workforce and the communities in which they live and work safe.”
Macfarlane said the injection of 250 new construction jobs at Isaac Plains, plus ongoing work for 300 workers currently employed at the site and new supply chain opportunities, will stimulate growth in Central Queensland, which will flow through to the state economy.
Read the article online at: https://www.worldcoal.com/coal/28072021/queensland-approves-extension-of-stanmores-isaac-plains/