- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Purpose Bitcoin ETF
Silver47 Exploration
Syntheia
CI Galaxy Bitcoin ETF
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Clive Palmer Planning AU$1.5-billion Coal-fired Power Station
Clive Palmer, chairman of Waratah Coal, took to Twitter on Monday morning to announce plans for a new AU$1.5-billion coal-fired power station in Queensland’s Galilee Basin.
Chairman of privately owned Waratah Coal Clive Palmer announced plans on Monday (September 10) for a new AU$1.5-billion coal-fired power station in Queensland’s Galilee Basin.
The proposal calls for a 700-MW high-efficiency, low-emission power station to be established on the mining lease for Waratah’s Galilee coal project, located about 30 kilometers from the township of Alpha.
“I am putting my money where my mouth is by announcing this new station so we can power Queensland and help bring down energy costs which continue to escalate,” Palmer said.
“At full scale, the project will comprise two opencut and four underground mines, as well as supporting infrastructure, and will produce 40-million tonnes a year of high quality thermal coal for export markets,” he added.
The power station is set to be developed as a contingent part of the overall Galilee coal project, and will provide power for mine operations, coal transportation, port operations and the proposed North Galilee coal mine development.
Construction of the power station is docketed to start in June 2020 with a build period of three years for the first unit; the second unit will be commissioned six months later. The plant is expected to be ready to provide power to the Galilee coal project by December 2023, which will allow Galilee to provide its first coal to the Port of Gladstone during 2024’s first quarter.
According Palmer, the project will bring “considerable” social and economic benefits, with an anticipated workforce of 1,000 people over the 36- to 42-month construction period. Up to 90 employees will be needed as part of the plant’s operational workforce over its estimated 30-year lifespan.
Waratah, which holds extensive mining concessions within the Galilee Basin, such as the Galilee coal project, is seeking an amendment to its draft environmental authority. The amendment would include a 700-MW power station, along with associated transmission lines, coal-handling facilities, an ash-containment facility and a water-storage facility.
All told, mining expectations for the project currently sit at 56 million tonnes per year of run-of-mine coal, to be later processed to 40 million tonnes per year of product coal.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
The Beginner’s Guide to Investing in Gold (Australia Edition)
Ready to invest in gold? Our beginner's guide makes it simple to get started.
Download your investing guide today.
Learn About Exciting Investing Opportunities in the Gold Sector
Your Newsletter Preferences
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
A graduate of Durham College's broadcast journalism program, Olivia has a passion for all things newsworthy. She got her start writing about esports (competitive video games), where she specialized in professional Call of Duty coverage. Since then, Olivia has transitioned into business writing for INN where her beats have included Australian mining and base metals.
Learn about our editorial policies.