Australia okays GVK's Queensland coal terminal project

The Australian government today gave green signal to GVK Group's proposed coal terminal at a port that forms part of the $10-billion Alpha Coal project in Queensland State.

Last year, GVK had acquired 79 percent stake in Alpha Coal and Alpha West projects and a 100 percent stake in the Kevin's Corner project in Queensland from Hancock Prospecting Pty Ltd.

The project includes Alpha Coal Mine and a railway line between the mine and the port at Abbot Point near Bowen.

 Australia okays GVKs Queensland coal terminal project

Last year, GVK had acquired 79 percent stake in Alpha Coal and Alpha West projects and a 100 percent stake in the Kevin's Corner project in Queensland from Hancock Prospecting Pty Ltd. Reuters

GVK Vice-Chairman GV Sanjay Reddy said the company is the only coal developer in Australia to possess environmental approvals at a state and federal level that integrate the mine, rail and port.

It brings to finalisation the Tier One environmental approvals that will significantly assist in the facilitation of opening up of the Galilee Basin, he said.

"Importantly, we believe the overall assessment process has resulted in best practice environmental protection outcomes which we support whole-heartedly," Reddy said in the statement.

The three mines together have estimated coal reserves of about 8 billion tonnes and a capacity of more than 80 mt per annum when fully operational.

GVK is also building a 495-km rail line and a 60-mtpa port as part of the pit-to-port logistics solution with a total investment outlay of $10 billion.

In August, GVK had received the Federal Government's environmental clearance for Alpha Mine and rail project.

The Alpha project has a mine life of more than 30 years, and would produce 32 mt year. The first coal is expected to be produced in 2016.

GVK Power shares were trading down by 0.98 percent at Rs 14.09 on the BSE today.

PTI

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Updated Date: Dec 20, 2014 12:39:13 IST