GVK Power & Infrastructure Ltd has secured an environmental approval for the $6-billion Alpha coal project, located in the Galilee basin in Queensland, Australia.The Environmental Authority (Clearance) has been granted after over six years of rigorous assessment of the Alpha mine, which included around 300 collaborative scientific studies, involving over 500 specialist consultants.
GVK acquired the coal mines in Queensland with 8 billion tonnes reserves for $1.26 billion in 2011 and envisages an investment of $10 billion for developing Alpha mines, a 500-km rail project and a 60-million-tonne a year port.
The Alpha coal project would allow for large scale mining techniques, which would ensure that the proposed mine remains cost competitive even in current tough market conditions, GVK Hancock, the group’s Australian coal unit, said in a statement.
The company will execute coal off-take agreements after finalising a joint venture with coal rail operator Aurizon Holdings and overcoming the legal challenges to the project. The Alpha mine will be a full open cut mine producing around 32 million tonnes a year for 30 years.
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