* Mine study could lead to development of big Australian coal mine
* Study by local arm of China's Meijin Energy to take 12-18 months
By James Regan
SYDNEY, June 8 (Reuters) - Meijin Energy of China will spend the next year to 18 months preparing a feasibility study that could lead to development of one of Australia's largest coal mines by the middle of the decade, a company official said on Wednesday.
Meijin, which has been exploring coal prospects in Queensland state's Galilee Basin on land it acquired in 2006 so far has managed to measure around 3.7 billion tonnes of thermal coal and expects that figure to grow as more pre-development work is conducted, the official of the Australian unit of Meijin told Reuters.
"We still have more work to do, so I would assume it will be updated to a larger figure," said the official, who asked not to be named in accordance with his company's policy.
The mine could export between 30 million and 60 tonnes of coal a year starting in three or four years.
Australia this year is forecast to mine 217 million tonnes of thermal coal, according to the Australian Bureau of Agricultural and Resource Economics and Sciences.
He confirmed that the project must also take into account infrastructure requirements, such as roads, rail lines and available port routes before proceeding but said that process was being helped by the arrival of a handful of well-heeled prospectors in the remote Galilee basin facing similar needs.
These include Australian mining magnates Clive Palmer and Gina Rinehart, Vale of Brazil and India's Adani .
Adani has already submitted an expression of interest to build two new coal terminals in Queensland. [ID:nL3E7H11VS]
Meijin is privately-owned by Chinese billionaire Yao Junliang and operates in Australia under the name Macmines AustAsia.
Even before the arrival of the new handful of mega-projects, Australian thermal coal production was tipped to rise. Between 2012 and 2016, Australia's thermal coal exports are forecast to grow at an average annual rate of 11 percent to reach 242 million tonnes. (Editing by Ed Davies)
Meijin, which has been exploring coal prospects in Queensland state's Galilee Basin on land it acquired in 2006 so far has managed to measure around 3.7 billion tonnes of thermal coal and expects that figure to grow as more pre-development work is conducted, the official of the Australian unit of Meijin told Reuters.
"We still have more work to do, so I would assume it will be updated to a larger figure," said the official, who asked not to be named in accordance with his company's policy.
The mine could export between 30 million and 60 tonnes of coal a year starting in three or four years.
Australia this year is forecast to mine 217 million tonnes of thermal coal, according to the Australian Bureau of Agricultural and Resource Economics and Sciences.
He confirmed that the project must also take into account infrastructure requirements, such as roads, rail lines and available port routes before proceeding but said that process was being helped by the arrival of a handful of well-heeled prospectors in the remote Galilee basin facing similar needs.
These include Australian mining magnates Clive Palmer and Gina Rinehart, Vale of Brazil and India's Adani .
Adani has already submitted an expression of interest to build two new coal terminals in Queensland. [ID:nL3E7H11VS]
Meijin is privately-owned by Chinese billionaire Yao Junliang and operates in Australia under the name Macmines AustAsia.
Even before the arrival of the new handful of mega-projects, Australian thermal coal production was tipped to rise. Between 2012 and 2016, Australia's thermal coal exports are forecast to grow at an average annual rate of 11 percent to reach 242 million tonnes. (Editing by Ed Davies)
Posts
No comments:
Post a Comment