Canberra [Australia], May31 : Mining company Adani has reached an agreement with the Queensland Government on royalty payments for its USD 16.5 billion Carmichael coal projects.
After State Cabinet approval, the agreement with the State Government meets Adani's expectations and requirements.
This agreement shows a strong commitment by the Queensland Government to the project and is a benchmark decision to take this project forward.
"I thank the Premier, Annastacia Palaszczuk, and the elected members of the State for their continued support to make this happen." "I also wish to thank the Prime Minister, Malcolm Turnbull, and Opposition Leader, Bill Shorten, for their support for the changes to the Native Title Bill." said Adani Chairman Gautam Adani.
The royalties arrangement means the project is back on track to generate 10,000 direct and indirect jobs in regional Queensland.
The Adani parent company Board will consider the Final Investment Decision at the next board meeting. The project, which is the most advanced in the Galilee Basin, involves a Phase One mine production of 25 million tonnes per annum, and construction of a 388-kms standard gauge open access, common user rail line.
Peak mine production in later Phases will rise to 60 mtpa. To accommodate that later stage mine production, Adani will also expand the port capacity from 50 mtpa to 120 mtpa of its owned and operated bulk coal port facility at Abbot Point near Bowen in North Queensland.
Source: ANI
