A RACE valued at billions of dollars for Queensland has started among a handful of mining companies with the potential to dwarf Adani’s megamine.
GVK Hancock, in which Gina Rinehart has a minority stake, has revealed renewed interest in its Galilee Basin projects, while New Hope and Glencore have their sights on 2020 to 2022 for projects costing billions.
GVK cited a report from the International Energy Agency predicting stronger coal demand in 2022 and that Asian countries, including India, were expected to more than offset lower demand in other markets in Europe, America and China.
GVK has two Queensland projects, the $10 billion Alpha mine and rail line and the $6 billion Kevin’s Corner mine, and the renewed interest follows a major spike in coal demand, which has pushed thermal coal spot prices above $US100 a tonne.
The two mines at full production will produce around 60 million tonnes, more than double Adani’s first stage of 27.5 million tonnes.
“The shareholders of GVK Hancock remain fully committed to these projects and will make further major financial commitments at suitable stages to be ready when market supply diminishes. The company has no plans to divest its interests and is not in such discussions with any party,’’ GVK said.
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