Australian Resources and Energy Group AREEA congratulates the Australian Government on its decision to support a world class new metallurgical coal mine in Queensland’s Bowen Basin.
The Commonwealth’s Northern Australia Infrastructure Facility (NAIF) today announced it would loan $175 million to Pembroke Resources’ major job-creating Olive Downs Mine, situated in the coking coal capital of the world.
“With today’s NAIF funding announcement, Pembroke Resources is a step closer to delivering this nationally significant project at a time when Australia needs it most,” Steve Knott AM, Chief Executive of AREEA, said.
“As the economy pushes through the disruption of COVID-19, it is now more critical than ever for governments to support large private sector investments in any way they can. The Australian Government should be applauded for providing finance to exactly the type of project the NAIF was created to support.
“The Government’s support also sends a positive signal to the investment community that Australia is open for business when it comes to new major resources and energy projects.
“Olive Downs will be a technologically-advanced mine, providing high quality coking coal to the global steel industry. It is a shining example of the high-value projects which underpin our industry’s bright future.
“The project will create around 700 jobs during construction, with more than 1000 employment opportunities once at peak production.
“It is also forecast to deliver around $10 billion to the state economy over the life of mine, as well as provide vital stimulus for businesses along the supply chain and in regional communities.”
Construction of the Olive Downs Mine is expected to take 18 months, with Pembroke Resources providing opportunities for workers to live in nearby towns Moranbah, Dysart and Mackay.
The company is also partnering with the Barada Barna Aboriginal Corporation to deliver training and employment initiatives within Traditional Owner communities.
MEDIA CONTACT: Brad Thompson, 0409 781 580