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GVK Power & infrastructure Ltd has secured environmental approval for the Alpha Coal project located in the Galilee basin in Queensland, Australia.
This Environmental Authority (Clearance) for its Alpha project secured after over six years of work. It represents one of the most rigorous processes that went into the assessment of the Alpha mine, which included around 300 collaborative scientific studies and over 500 specialist consultants.
GVK Reddy, Chairman and Managing Director of GVK, said, “This is one of the most significant milestones in the development of our Galilee Basin coal projects till date which will create one of the most remarkable pieces of regional and economic developments Queensland has seen for decades.”
“This milestone takes us another step closer towards commencing our proposed Alpha mine, which will create around 4,000 jobs during its three year construction and more than 1,800 jobs over its 30 plus years of operation. We’ve invested tens of millions of dollars and thousands of man hours assessing, planning and engaging with communities to reach this stage,” G V Sanjay Reddy, Vice Chairman, GVK, said.
This approval takes GVK closer towards implementing the project. The GVK’s Alpha coal project’s would enable large scale mining techniques ensuring that the proposed mine remains cost competitive even in current tough market conditions.
The combination of large scale mining techniques, favourable geology and other techniques deliver a free-on-board price that would ensure GVK Hancock’s Alpha mine remains relatively immune to cyclical coal prices.
With the Environmental Authority for Alpha Coal Project in place, GVK’s key focus is to continue advancing the project to a point where construction can commence.
Once the infrastructure joint venture with Aurizon is finalised and the regulatory bodies have addressed litigious challenges to approvals, GVK Hancock will execute coal off-take agreements before finalising all financing arrangements.
The proposed Alpha mine will be a full open cut mine producing around 32 million tonnes per annum for 30 years.
GVK acquired Australian coal mines in Queensland with 8 billion tonnes reserves for $1.26 billion and envisages an investment of $10 billion for setting up mines, 500 km rail project and 60 mtpa port project.
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