Industrial Metals

Reuters reported that the premier of Queensland, Australia has said the state will offer incentives — such as lower state royalties and port access — to companies that want to develop coal mines in the Galilee Basin. Development in that area has been slowed by poor coal prices and lack of funding.

Reuters reported that the premier of Queensland, Australia has said the state will offer incentives — such as lower state royalties and port access — to companies that want to develop coal mines in the Galilee Basin. Development in that area has been slowed by poor coal prices and lack of funding.

As quoted in the market news:

‘We will do all we can to facilitate the projects proposed for the Galilee Basin,’ Queensland Premier Campbell Newman said.

‘We’re going to reserve access to valuable port land and access to Abbott Point (port) for the first mover so they have surety about getting their product to market efficiently.’

The state forecasts that coal developments would bring in $28.4 billion in investment and create more than 15,000 jobs during construction and over 13,000 operational jobs.

Click here to read the full Reuters report.

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