STOCK MARKET BSE NSE

Aussie Court Gives Conditional Nod to GVK's Coal Project

Published: 09th April 2014 06:00 AM  |   Last Updated: 09th April 2014 12:56 AM   |  A+A-

Infrastructure firm GVK Group on Tuesday said the Land Court of Queensland in Australia has granted conditional clearance to its $10 billion Alpha Coal Mine project.

When fully commissioned, the mine will produce 32 million tonnes of thermal coal per year for the Asian export market.

The coal project is expected to provide direct employment to about 7,500 people during construction and almost 4,000 once operational, contributing over $40 billion in taxes and royalties over the life of the mines.

“GVK Hancock welcomes the recommendations from the Land Court that the Environmental Authority (clearance) and Mining Lease for our Alpha coal project be granted subject to conditions. We fully understand the significant benefits our projects will bring to the region and will continue to work with the environmental regulators in relation to these recommendations,” GVK said in a statement.

In 2011, GVK had acquired 79 per cent stake in the Alpha Coal and Alpha West projects and 100 per cent stake in the Kevin’s Corner project in Queensland from Hancock Prospecting Pty Ltd.

GVK’s Alpha Coal Mine is located in the Galilee Basin with the first coal expected to be extracted by 2016.

In August 2012, the Australian government gave green signal to Alpha Coal project comprising operation of coal mine and a railway line between the mine and the port at Abbot Point, near Bowen.

The Hancock coal project is expected to bring on line a new world class high quality, low ash, low sulphur, low gas thermal coal basin with an ability to lower global emissions from coal fired power generation, the statement added.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp