NAIF supporting jobs in Central Queensland coal project
The Coalition Government is supporting mining jobs and exports in central Queensland through a Northern Australia Infrastructure Facility (NAIF) loan to the Olive Downs metallurgical coal project.
Minister for Resources, Water and Northern Australia Keith Pitt said the $900 million project in the Bowen Basin will support up to 700 jobs during construction and more than 500 new jobs for the region when fully operational.
“NAIF has approved a loan of $175 million to support the mine’s first stage of development which includes rail, and transmission lines, water pipelines, access roads and a coal handling preparation plant,” Minister Pitt said.
“Pembroke Resources’ Olive Downs project will create jobs and opportunities for central Queensland and the nearby town of Moranbah, and will generate royalties and export income for Queensland and Australia for many years to come.
“Metallurgical coal is crucial for steelmaking, and is an important commodity for Australia’s trading partners to help support their economic development.”
“The NAIF investment will be an important contribution to a project which is expected to return more than $10 billion to the Australian economy over the mine’s lifetime, and provide jobs for people in Moranbah, Dysart and Mackay.”
The coal will be taken by rail to the coal terminal at Dalrymple Bay for export to key markets in Asia.
Assistant Minister for Northern Australia Michelle Landry said the investment was great news for the local economy and underlined the Australian Government’s support for jobs and economic development in northern Australia.
“NAIF has committed more than $3 billion to 26 projects across northern Australia creating new opportunities and supporting thousands of jobs for people across the north,” Assistant Minister Landry said.
“In Queensland, NAIF has approved $1.2 billion in loans to 11 projects, supporting jobs across the state.
“The Olive Downs project will create a jobs boom in Central Queensland, generate economic growth and reinforce the benefits of living and working in Australia’s north.”