Adani can now finance the development of its $16.5 billion Carmichael mine, while GVK can develop its $6 billion Alpha mine.
The announcement was made yesterday by Premier and Minister for the Arts The Honourable Annastacia Palaszczuk and Minister for State Development and Minister for Natural Resources and Mines The Honourable Anthony Lynham.
“I’ve always said I support the responsible and sustainable development of the Galilee Basin and Abbot Point, and the agreement we’ve reached demonstrates that. Today my Government sends a clear message: we can protect the Great Barrier Reef, and we can foster economic development and create jobs,” Ms Palaszczuk said.
“I am determined to deliver on my election commitments, and that includes no dumping of capital dredge spoil in the Great Barrier Reef World Heritage Area, no dumping of dredge material in the nationally-significant Caley Valley wetlands, and no taxpayer funding for capital dredging and the disposal of dredge spoil. I’d like to thank Adani and GVK for working with us to come up with a sustainable plan that helps us protect the Reef, protect the wetlands and create jobs.”
Both the Adani and the GVK project involve building ports and railroads to transport coal from mines located 500km away in the Galilee Basin.
“The Port of Abbot Point development is vital to Queensland’s economic future. That’s why we are prioritising this project and are dedicated to ensuring it progresses in a transparent and environmentally responsible manner,” said Dr Lynham.
“We will immediately begin work on providing a robust and informed approval referral to the Commonwealth Government and applications to state approval agencies.”
Adani’s Carmichael project is set to deliver 10,000 jobs and $22 billion in taxes and royalties proceeds.
“I welcome today’s announcement because it demonstrates the priority the government has placed from the outset on ensuring economic development proceeds in Queensland subject to robust environmental standards,” said Adani CEO and Country Head, Jeyakumar Janakaraj in a media release.
The Carmichael Coal Mine could become the largest coal mine in Australia projected to produce up to 60 million tonnes of coal each year.