News

New Hope could present Surat coal project next year

UPDATE: A series of projects to extract more than a billion tonnes of thermal coal from the Surat Basin could be presented to the State Government by as early as next year.

New Hope Group's North Surat coal project, which is made up of several smaller developments purchased over the past seven years, is currently in the pre-feasibility stage.

The news comes as rival mining company Glencore waits on approval of a mining lease for its own project near Wandoan, which would create more than 2000 jobs during construction and operation.

New Hope CEO Shane Stephen said the development of the project was in line with expected demand for thermal coal in Asia by 2023, thanks to new coal plants in countries like Vietnam and Korea.

"The market will demand this sort of coal by 2023 or 2024," he said.

"That's what we're targeting, so we've got to get through feasibility studies, environmental impact assessments and obtain mining leases.

"They actually happen concurrently - you need the mining lease, the environmental authority and the associated water licence."

Construction could be fast-tracked on the Glencore project if it gets its mining lease, but Mr Stephen said it would have no impact on New Hope's chances when it presents the North Surat development to the Government.

"We'll continue on with our feasibility work this year and we'll look at making some decisions probably next year in relation to whether we should start the EIA process," he said.

"Really the projects are quite independent - Glencore are far more advanced than what we are.

"The assessment of the projects are quite independent and the applications are based on a case-by-case basis.

"It's no good developing a project when the market isn't wanting it."

In other good news for New Hope, the Queensland Government approved its mining lease application for a coking coal mine near Maryborough.

The company made its ASX announcement this morning about Colton Coal Mine.

EARLIER: A multi-national mining company could be reviving plans to build a $6 billion thermal coal project in the Surat Basin.

Glencore looks set to receive its mining lease from the State Government for a project at Wandoan, according to the Courier-Mail.

The project could create 1300 jobs during construction and more than 800 in operation.

At the same time, New Hope Group has advanced a feasibility study into its own projects based on more than a billion tonnes of coal it has in the Surat Basin.

New Hope managing director Shane Stephen said the demand for coal for Asian markets by 2023 would necessitate more projects in western Queensland.

"Coal will be part of the energy solution long into the future,'' he said.

"We believe the market will demand the coal. The older mines in the Hunter Valley are in decline and the market will look seriously at New Hope.''

Topics:  editors picks employment glencore roma surat basin thermal coal toowoomba


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Macca confused by Government's gas export regulations

Ian Macfarlane.

Macfarlane believes regulations to restrict exports will not work

Man avoids jail for trying to buy $5000 in ice

Former CSG worker Korey Cameron Hurle, who avoided prison after trying to buy about $5000 worth of methamphetamine.

Prosecutors said the amount he tried to buy was worth about $5000

Cop convicted over woman's highway death loses appeal

Roma police constable Fabio Armando Mazza (left) has lost an appeal after being found guilty of dangerous driving causing death and injury.

Improbable to suggest motorcyclist to blame for crash, judge says

Local Partners

Toowoomba South, council elections 'poorly-handled'

THE Toowoomba South by-election and 2016 local government elections were poorly handled and mismanaged by the state’s electoral body, according to a report.

Bundy mum blogging to get families offline

FAMILY FUN: Deonie Crowther is holding family craft sessions at the Windmill Cafe in Bargara.

Crafty projects a hit with parents and children

Country music stars coming to Ipswich

Ipswich will get it's country on when The Country Superstars Tribute Show hits town on Friday, June 30 at Brothers Leagues Club.

A UNIQUE tribute show will bring a bit of country into the city.

Shoes make difference to kids in Zambia

MANY SHOES: Toowoomba Grammar School's Adrian Irwin and Fairholme College's Libby Stumer with shoes collected for children in Zambia.

Students are making a difference, creating a new project

The top 10 TV shows that need to end

WHEN Fonzie donned water skies to leap a man-eater in a pond, Happy Days’ best days were gone. It’s now time to cull some of our favourites.

Prince Harry reveals he wanted to leave the royal family

Prince Harry was the center of attention during his trip to Sydney.

Prince Harry has revealed he “wanted out” as a Royal

Why streaming movies will cost more from July 1

Australians can expect to pay more for streaming services such as Netflix when the new taxes kick in.

The new taxes from July 1 won’t hurt the MPs’ big pay rise

What's on the small screen this week

Ryan Shelton in a scene from True Story with Hamish & Andy.

HAMISH and Andy hear another funny story and Cleverman returns.

Digging down to find Clare

Australian actress and singer Clare Bowen, who got her big break on the US TV series Nashville, is touring Australia with her solo album.

After five years on Nashville it’s time to tell her own stories.

TV REVIEW: Offspring season 7 is... fine

Alexander England and Asher Keddie in a scene from season seven of Offspring.

New Offspring won’t be remembered as the best season.

Gateway to $3 billion, 4800 home new Coast city opens

The start of Peter Crosby Way at Sippy Downs, the northern access into the Harmony master-planned community at Palmview.

Palmview's $3b master-planned community of Harmony

Millionaire Nathan Birch to offload $55M in property

Nathan Birch wants to focus more on developing properties.

Sydney property investor has announced he is selling up

Fame factor boosts property prices in Byron

The stunning Clarke's Beach in Byron Bay.

House prices surge by an incredible 39.5% in star-studded area

Grass is greener for Warwick real estate

Warwick's rural charm and affordable property prices are enticing buyers from Brisbane.

Quality houses for half the price of Brisbane attracting interest

Builders relish Coast's growing construction rates

The Coast's average house price has risen from by more than $10,000 in the past three years to $507,100.

House numbers and values are rising on the Coast

Ready to SELL your property?

Post Your Ad Here!