QIC investment in Dalrymple Bay Coal Terminal backs resources

9 November 2020

The Queensland Resources Council (QRC) welcomes the Queensland Investment Corporation’s (QIC) commitment to take a 9.9 per cent stake in the Dalrymple Bay Coal Terminal (DBCT) near Mackay.

QRC Chief Executive Ian Macfarlane said Treasurer Cameron Dick had flagged the proposed investment in DBCT by QIC, the Government’s investment arm, prior to the State election.

“The QIC’s decision to invest in the DBCT is a clear vote of confidence by the State Government in the role of resources in Queensland’s COVID-19 recovery and economic growth for decades to come,” Mr Macfarlane said.

Mr Macfarlane said the QRC had previously sought and received a commitment from the Government to provide regulatory certainty for DBCT and the Central Queensland Coal Network, with the independent Queensland Competition Authority to have oversight of both assets as regulated monopolies until 2030 and 2040 respectively.

“The QRC looks forward to continuing to work in partnership with the Palaszczuk Government to develop the resources sector, particularly through the preparation of a Queensland Resources Industry Development Plan that the Treasurer and I announced last month,” Mr Macfarlane said.

“The development of our resources sector is critical for Queensland’s COVID-19 recovery and its longer-term economic growth.

“Resources is now supporting one in six jobs in Queensland, which equates to the jobs of more than 420,000 men and women, so our sector is critical to Queensland’s economic stability and success.

“The resources industry is also essential to the State continuing to develop its – and frankly the world’s – energy mix including coal, gas, renewables and hydrogen,” he said.

  • Click here for QRC media statement on 2 June 2020 welcoming the decision on future regulatory oversight of DBCT and Central Queensland Coal Network
  • In 2001, the then Queensland Government leased Dalrymple Bay Coal Terminal to DBCT Management (DBCTM) on a 50-year lease, with a 49-year option, to operate, maintain and develop the terminal.
  • Background to DBCT is available at https://www.dbct.com.au/

Media contact: Kirby Anderson, 0400 206 502