BILLION-DOLLAR BUSINESS: Workers in the Alpha site drilling program take coal core samples in the Galilee Basin, Queensland. Source: News Limited
TWO companies have clinched a deal aimed at unlocking billions of dollars of coal in central Queensland.
Aurizon, formerly QR National, announced a deal with India's GVK to progress the plans for a $6 billion port and rail project, considered one of Australia's biggest ever infrastructure schemes.
The deal puts the two companies at the head of the queue to develop the massive coal resources of the Galilee Basin, west of Emerald, where Clive Palmer's Waratah Coal and Adani are also desperately pushing development.
GVK chairman Sanjay Reddy said it was one of the most significant deals in Queensland's coal history.
The coal in the Galilee has never been mined because of the cost in getting it to the coast, but the vast scale of GVK's plans may make it viable.
It would mean development at Alpha, Kevin's Corner and Alpha West. GVK already has environmental approval for the Alpha mine and was last year named preferred proponent for the rail line.
It had planned development to start by the end of this year, but said the Aurizon deal may put that back a few months. Construction is expected to take three years.
Aurizon managing director Lance Hockridge said the deal with GVK made the project deliverable.
Deputy Premier Jeff Seeney said the project could deliver thousands of jobs and billions of dollars of exports.
"Everyone interested in the future of the Galilee Basin would welcome this," Mr Seeney said.
The projects have not thrilled everyone, with farmers concerned about the rail line's ability to dam floodwaters and environmentalists outraged by the development of more coal mines.
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