Newspaper article The Morning Bulletin (Rockhampton, Australia)

$120M Project Just the Start; More Than 1000 Jobs Ahead at 'World-Class' CQ Mine

Newspaper article The Morning Bulletin (Rockhampton, Australia)

$120M Project Just the Start; More Than 1000 Jobs Ahead at 'World-Class' CQ Mine

Article excerpt

Byline: Amber Hooker amber.hooker@capnews.com.au

A TOWN gripped in the coal industry's up-and-down cycle could have finally found its steadying force in a "world-class" mine.

Moranbah, nestled in the heart of the Bowen Basin, was the obvious choice for Australian-based company Pembroke Resources to invest $120 million to acquire Olive Down Complex from subsidiaries of Peabody Energy Inc and CITIC Resources Holdings Limited.

As Pembroke move "full speed ahead" through the development phase, with environmental assessment underway and planning approvals submitted, director Barry Tudor said jobs were on the near horizon.

He projected between 500-700 people will be employed during the development and construction phase of the company's wholly owned Olive Downs South (ODS) and Willunga sites.

But Pembroke's majority stake (83%) in Olive Downs North (ODN) could see 100 jobs up for grabs within six to nine months, pending approval from the existing Japanese minority parties.

"Work is in progress to consummate that deal," Mr Tudor said.

Mr Tudor describes the project as a "generational mine", with a target to extract 14 million tonne per annum of low-cost coking coal across the mine's 30-year lifespan.

Should operations ramp up, the capital cost is expected to be about $1 billion. Once functioning at full-capacity, the Olive Downs complex is expected to employ a 1000-strong workforce

Mr Tudor said construction on the largest "standalone project", comprising of ODS and Willunga, is expected to begin in the second half of 2019 with mining operations to start in early 2020.

Mr Tudor explained the sites had never existed as a functioning mine, and the site required key infrastructure including a wash plant and rail spur to transport the coal to Mackay for export to the "traditional market". …

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