Pembroke Resources secures $175m NAIF loan for Olive Downs Project

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The Northern Australia Infrastructure Facility (NAIF) has approved a $175 million loan to Pembroke Resources to deliver its Olive Downs metallurgical coal project.

Located in the Bowen Basin, some 40km southeast of Moranbah, the Olive Downs Coking Coal Project will create up to 700 jobs during construction and more than 1,000 new jobs in the region once at peak production.

Olive Downs will initially produce 4.5 million tonnes of steelmaking coal per annum, before ramping up production to up to 15 million tonnes per annum.

The coal will be transported by rail to the Dalrymple Bay Coal Terminal for export to key international markets like Japan, South Korea, Vietnam, and India.

NAIF CEO Chris Wade said NAIF were delighted to support a major job creating project in one of central Queensland’s key industries.

“With more than $3 billion in investment now committed to job creating projects, NAIF is supporting economic growth in northern Australia,” he noted.

“Helping the Olive Downs project deliver many hundreds of locally-based jobs to the region is something we are delighted to do.”

Pembroke Resources Chairman and CEO Barry Tudor said the company was committed to constructing and operating Olive Downs to the highest environmental standards and to providing local employment and procurement opportunities.

Olive Downs will contribute between 500 to 700 jobs during construction and more than one thousand jobs once at peak production,” Mr Tudor said.

“The benefit to the Queensland economy and the Central Queensland region is significant, with the project contributing more than $10 billion over the life of mine.”

Construction of the mine is expected to take 18 months, with the project expected to contribute an estimated $10 billion to the Queensland economy over its 80-year lifespan, with additional royalties paid to the Queensland Government.

Image credit: https://www.pembrokeresources.com.au/olive-downs.html