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$1 Trillion Money Manager Downplays The OPEC Deal

$1 Trillion Money Manager Downplays The OPEC Deal

Asset management group PGIM warns…

India's GVK is Granted Approval for $6.3 billion Coal Mine in Queensland

After stating 128 conditions to be fulfilled, the Coordinator-General of Queensland, Australia granted environmental approval to India’s GVK Power and Infrastructure for the development of the $6.3 billion (A$6.4 billion) Alpha coal project, expected to be the largest in Australia when it is completed in 2016.

The mine will be situated in the Galilee Basin, 130km south-west of Clermont, and 360km south-west of Mackay. The proposed site will consist of six separate open-cut mines stretching north to south for approximately 24km.

The project will have an initial export capacity of 30 million tons of coal a year, and include the construction of a 495km railway to transport the coal from the mine to the port of Abbot Point near Bowen.

Jeff Seeney, the State Development, Infrastructure, and Planning Minister, said that $11 billion will be generated during the mines predicted three year construction phase, of which 80% will remain within the province of Queensland. He also remarked that “once Once operational, Queensland's economy should see an economic boost of $1bn per year from this mine alone,” and that “Australia can expect an $80 billion dollar rise in exports over the life of the mine (expected to be 30 years).”

The project is still due to undergo several assessments before it can be fully approved, but Queensland are hopeful for the revenue that it will bring to the area.

By. Joao Peixe of Oilprice.com



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