Qld greenlights new $1.76bn coal mine

By Dow Jones newswires

Privately owned QCoal and Tokyo-based JFE Steel Corp plan to produce as much as 10 million metric tons of coal a year from the planned Byerwen operation, located in the north of the state's coal-rich Bowen Basin.

Thousands of mining jobs have been cut in recent years across eastern Australia as resources companies have been hit by a fall in coal prices.

Queensland has given the go ahead for a $1. 76 billion Australian dollar coal mine that it forecasts will create hundreds of jobs in a region struggling with the impact of weakened prices for the fuel.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

The venture has committed to offering jobs to local residents of nearby towns such as Moranbah and Collinsville. "The project could also have flow-on benefits to nearby towns and businesses, creating even more local jobs," Mr Seeney said.

Read more here: Business Spectator

    

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