The Queensland Resources Council (QRC) has welcomed the official re-opening of the Isaac Plains coal mine in central Queensland. The mine – which was bought for a dollar by Stanmore Coal last year – was officially re-opened by Queensland Premier Annastacia Palaszczuk.
QRC Chief Executive Michael Roche called the restart of operation at the mine a shot in the arm for an industry that has been hit by decade-low commodity prices.
“The official opening is big news for the Bowen Basin in what have been gloomier times for the once booming sector,’ Roche said. “Since acquiring the mine in August last year, Stanmore has created more than 150 direct jobs for the community and will inject US$7 million annually into the state’s royalty revenues.”
Roche also welcomed the attendance of Premier Palaszczuk at the re-opening ceremony as acknowledgment of the value the mining sector brings to the state and its economy. According to Roche, the state government received AUS2.1 billion in royalties from the resources sector last financial year.
“The state collects zero royalties from mines that close and from projects that are cancelled. The mine that would not have otherwise produced any money for the state’s coffers, will now inject AUS$7 million every year,” Roche said.
Stanmore Coal plans to produce 1.1 million tpy of metallurgical coal from Isaac Plains for export to Asian steel mills. The company loaded its first shipment of coal at Dalrymple Bay Coal Terminal earlier this month.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/18052016/qrc-welcomes-re-opening-of-isaac-plains-2016-802/