India’s leading conglomerate, GVK got approval for AUD 4.2 billion coal mining project in Queensland State from Australian Federal Government.
GVK group, India-based conglomerate has received Australian federal government’s green flag for 37,380 hectare Kevin’s Corner coal mining project in Queensland State in the country’s northeast.
As per the media release GVK had acquired 100% stake in the Australia’s second largest state, Queensland’s Kevin’s Corner project which earlier belonged to Hancock Prospecting Pty Ltd and 79% stake in the Alpha Coal and Alpha West Coal projects.
Acquisition of Kevin’s Corner project along with its own Galilee Basin projects will make world largest coal mining operation with reserve of 8 billion tonne and annually 80 MnT of coal can be excavated with its maximum capacity.
Mr GVK Reddy, who is the founder and managing director of the Indian conglomerate, said in a media release “We commend the Federal Government on its thorough environmental assessment process and its decision to approve this significant project that will create immense employment opportunities.”
Mr Reddy also said “This approval comes as a major milestone towards our goal of becoming the premier and most reliable coal supplier to the world thus enabling better lives.”
“It further strengthens our commitment to deliver world-class infrastructure projects in a timely and responsible manner,” Dr Reddy added.
Queensland Resources Council acting chief executive Greg Lane has also welcomed the approval of the largest coal mining project in Australia and has stated that GVK owned project would “improve living standards for millions of people in India” besides opening up “one of world’s most exciting new coal provinces.
“GVK is to be congratulated for its commitment to this project in the toughest operating environment that the Queensland coal industry has faced this century,” Greg Lane said about a project which is estimated to generate 1800 construction jobs and 1600 operational jobs.
However, the multi-billion project, GVK-Hancock coal mine project will commence in 2015 and it is expected that production will start after three years. The project will completely depend on railway infrastructure which is also to be constructed from Alpha Coal project to Port of Abbot point in Bowen to move coal.
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