The Queensland Government has struck an international investment from European and Japanese investors to develop Central Queensland’s Bowen Basin.
This investment will feed straight into the state’s coal industry, funding the employment of more than 1,000 staff, contractors, and suppliers.
In order to become the controlling entity, Argo Queensland will acquire a 70% stake in Fitzroy Australia Resources.
Queensland Premier David Crisafulli says the investment sends a “powerful message”.
“Queensland is open for business and ready to partner with those who back our state,” Crisafulli says.
“This deal means long-term jobs, long-term investment and long-term confidence for the communities that power Queensland’s economy.
“We’re delivering a better lifestyle through a stronger economy, and a fresh start for Queensland’s coal sector.”
Minister for Natural Resources and Mines Dale Last says the investment highlights the importance of meeting global energy demands.
“Queensland’s Bowen Basin produces the world’s best coal and this investment is a vote of confidence in our mining industry and the thousands of hardworking Queenslanders it supports,” Last says.
“Since 2000, global coal demand has nearly doubled, with Queensland’s main export markets like India, China and South East Asia accounting for half the world’s usage – and with more than 400 coal-fired power stations under construction around the world, there’s no sign of slowing.”
This follows Harmony Gold Mining Company announcing a final investment decision for the Eva Copper Mine Project, creating 1,450 jobs for Queenslanders with a $2.3 billion investment.
The mine intends to extract 60,000 tonnes of copper each year over a 15-year mine life beginning in 2028, located in North West Queensland.
“We’re driving growth in our resource sector that underpins Queensland’s long-term prosperity and the new Eva Copper Mine in Cloncurry Shire and proximate to Mount Isa will deliver exactly that,” Crisafulli says.
Minister Last described the Eva Copper Mine as a “major vote of confidence” for Queensland’s copper supply chain.
“Queensland’s copper industry is one of the pillars of our economy, supporting generations of Queenslanders, from the first discoveries at Mount Isa in the 1920s to today’s world-class operations,” Last says.
“Eva Copper Mine locks in the next chapter, with a transformational investment by Harmony that delivers jobs for locals and certainty for Queensland mining families.”
Write to Maddison Elliott at Mining.com.au
Images: Unsplash & Harmony Gold
