Articles: Multi-billion dollar coal deal

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From the Brisbanetimes click here!

Bligh, Palmer unveil multi-billion dollar coal deal

Bligh, Palmer unveil multi-billion dollar coal deal
DARREN CARTWRIGHT
February 6, 2010 - 1:43PM

Mining magnate Clive Palmer has secured a $60 billion deal to export coal to China which he says will create thousands of jobs in Queensland and most likely restore the state's AAA credit rating.

Mr Palmer put aside political differences to stand alongside Queensland Premier Anna Bligh and announce his company Resourcehouse would supply 30 million tonnes per annum to China for 20 years.

The coal will be mined from the Galilee Basin region near Alpha, west of Emerald. A private 495-kilometre rail line will be built and new jetties and ports erected at Abbott Point, near Bowen.

The royalties from the sales are expected to tip more some $700 million into the government's coffers per annum from 2014, while creating 7,500 direct jobs and 50,000 to 60,000 indirect jobs.

Mr Palmer, who is a life member of the state opposition Liberal National Party (LNP) and a former state director of the National Party, said the Export-Import Bank of China had financed a $6 billion loan but emphasised the project was 100 per cent Australian owned.

"When you need a lot of money there is no better place to get it than in China," Mr Palmer told reporters in Brisbane today.

"This is Australia's largest single, non-syndicated, finance deal and the interest from China highlights the strength of the project and the benefits for Queensland and Australia in developing a new world class coal region such as the Galilee Basin," Mr Palmer said.

"There will be four underground mines and two open cut mines."

Ms Bligh said there was some environmental red tape to negotiate before the project was signed off, but unlike the Traveston Dam debacle, she did not next expect any last minute problems.

"It is world demand which is making it a commercial opportunity," Ms Bligh said.

"It will create tens of thousands of jobs in construction and in operation of the mine, port and rail over that time."

She said the project would revive and revitalise Central Queensland's economy.

More than 100 million extra tonnes of coal could be exported every year from Queensland with a total of $25 billion of new projects under consideration by the state government.

The project is expected to start later this year.

AAP

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From the Courier Mail click here!

Clive Palmer, Queensland Government announce $69m coal project

Clive Palmer, Queensland Government announce $69m coal project
Article from: The Sunday Mail (Qld)

Daryl Passmore

February 06, 2010 12:49pm

BILLIONAIRE Clive Palmer and the State Government have agreed to export $69 billion worth of Queensland coal to China. It is expected to create 70,000 jobs.

Entrepreneur Clive Palmer today announced the ''once in a century'' deal between his Resourcehouse company and one of China's largest power companies.

"This deal is Australia's biggest ever export contract,'' he said.

At a joint press conference, Queensland Premier Anna Bligh said: "That's a huge boost and a massive shot in the arm for the Queensland economy. It's great news for Central Queensland and regional Queensland.''

China Power International Development Limited will take more than 30 million tonnes of thermal coal - worth more than $3 billion a year - from six China First mines to be built near Alpha in the Galilee Basin.

Prof Palmer's company will build a 500km rail line linking the mine to a new coal terminal at Abbott Point near Bowen.

Mr Palmer said it would create 7,500 direct jobs and up to 70,000 indirectly.

It will also help the Premier achieve the stated target of creating 100,000 news jobs during this Government's term.

The coal exports will pump more than $400 million a year into the Government's coffers through royalties.

Ms Bligh said it would help fund social infrastructure such as schools and hospitals needed for the huge population growth that would result in the region.

If the project passed the final ''rigorous'' environmental assessments, construction will start later this year and the mine should be fully operational by 2014.