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Hyderabad-based GVK group on Friday stated that the federal government of Australia had granted environmental approval for its Kevin’s Corner Project (KCP) in Queensland.
GVK had acquired a 100% stake in the KCP from Hancock Prospecting Pty Ltd and a 79% stake in the Alpha Coal and Alpha West Coal projects in late 2011.
When combined, the company stated in a press release, the Galilee Basin projects will create one of the largest coal mining operations in the world holding total resources of 8 billion tonne and a peak capacity of around 80 million tonne per annum.
The projects also represents a total investment of around $42 billion in tax and royalties to the Queensland and Federal governments over the life of the projects.
The Kevin’s Corner Project is stated to be an advanced coal project and has a mine life in excess of 30 years with a capacity to produce up to 30 million tonne per annum of export quality thermal coal.
Earlier in May 2013, the Queensland government had provided environmental clearance for this project. In August 2012, GVK’s Alpha Coal Project gained Federal Government approval.
“This approval comes as a major milestone towards our goal of becoming the premier and most reliable coal supplier to the world" GVK chairman and managing director, GVK Reddy, said. Construction is expected to start on the Kevin’s Corner project in 2015 with first coal being produced in 2018, he added.
