Applause for new millennium coal

Thursday, 7 October 2021

Click here for photo of QRC Chief Executive Ian Macfarlane

 

The Queensland Resources Council (QRC) has welcomed the announcement of first coal on the re-opening of the Millennium metallurgical coal mine at Coppabella in central Queensland.

QRC Chief Executive Ian Macfarlane said Queensland had much to gain from the ongoing strength of the met coal market.

“Metallurgical coal, which is essential for steelmaking, has surged to new high prices in recent weeks, driven by global demand,” Mr Macfarlane said.

“As Australia’s largest met coal supplier, Queensland’s commodities are creating jobs, creating investment in regional communities and delivering for all Queenslanders.”

The mine near Moranbah is a joint venture between Stanmore Resources and M Resources and was officially restarted in July, creating 330 jobs. It’s expected exports from the mine will begin by the end of the year.

“Queensland has what the world needs,” Mr Macfarlane said.

“Our high-quality resources exports have helped keep Queensland’s economy strong during the Covid-19 pandemic, and they will be increasingly important as investment continues in the recovery phase around the world.

“The most recent forecasts from the Canberra-based Office of the Chief Economist have predicted Australia’s resources exports will hit a record $349 billion this financial year, driven by strong demand for Australia’s powerhouse commodities including coal and LNG. Those forecasts tip the value of met coal exports to hit $33 billion this financial year, up from $23 billion last year.

“Queensland resources sector is strong and diverse. Our traditional commodities including coal and gas have a strong future alongside new investments in Queensland’s renewables projects, hydrogen and critical minerals.

“We look forward to seeing the draft of the Queensland Resources Industry Development Plan later this year, to provide a roadmap to keep the sector strong over the years and decades ahead.”