Resolve Coal has acquired more land, closer to the Carmichael mine project, for its planned $1.2 billion Hyde Park Coal Project (HPCP) in the Galilee Basin.
Principal Geologist, Gordon Saul, said the 19km2 acquisition, gave the project a significant portion of one of the two potential rail routes to the North Galilee Rail Project, owned by Indian owned mining company Adani in the Galilee Basin and placed the project within 16km of Adani’s Carmichael Mine.
“The HPCP is the closest coal project to the Abbot Point Coal terminal, and is favourably placed to deliver significant benefits to the national economy,” Mr Saul said.
“This will be one of the lowest cost thermal coal mines in Australia, delivering high quality, low sulphur coal to the export market.
“The acquisition also gives us more tonnes of low strip ratio coal, and the addition of several kilometres of coal strike which will allow us more flexibility in mine design and operations, further supporting the attractiveness of the project.”
Mr Saul said Resolve Coal had signed a Memorandum of Understanding (MOU) with Adani Mining for a 10 million tonne per annum rail and port allocation on the new rail and port development.
“The signed agreement between the Queensland State Government and Adani is a great outcome, with hundreds of millions of dollars now available to build the necessary infrastructure required in the Galilee,” Mr Saul said.
“The state government’s investment into infrastructure would also help to create up to 27,000 jobs in the Galilee Basin and in the wider Australian economies.”