The Federal Government’s Northern Australia Infrastructure Facility (NAIF) will provide a loan of $175 million for Pembroke Resources’ Olive Downs Mine in the Bowen Basin, Queensland.
The funding will go towards a new world-class metallurgical coal mine in the coking coal capital of the world.
Australian Resources and Energy Group AMMA Chief Executive, Steve Knott AM, said, “With this NAIF funding announcement, Pembroke Resources is a step closer to delivering this nationally significant project at a time when Australia needs it most.
“As the economy pushes through the disruption of COVID-19, it is now more critical than ever for governments to support large private sector investments in any way they can.
“The Australian Government should be applauded for providing finance to exactly the type of project the NAIF was created to support.
“The Government’s support also sends a positive signal to the investment community that Australia is open for business when it comes to new major resources and energy projects.
“Olive Downs will be a technologically-advanced mine, providing high-quality coking coal to the global steel industry. It is a shining example of the high-value projects which underpin our industry’s bright future.
“The project will create around 700 jobs during construction, with more than 1,000 employment opportunities once at peak production.
“It is also forecast to deliver around $10 billion to the state’s economy over the life of mine, as well as provide vital stimulus for businesses along the supply chain and in regional communities.”
Construction of the Olive Downs Mine is expected to take 18 months, with Pembroke Resources providing opportunities for workers to live in nearby towns Moranbah, Dysart and Mackay.
The company is also partnering with the Barada Barna Aboriginal Corporation to deliver training and employment initiatives within Traditional Owner communities.
