Revelations a massive thermal coal mine planned for the Galilee Basin has likely been scrapped due to international market factors shows the need for investment in long term, secure jobs in North and Central Queensland, according to Lock the Gate Alliance.
MacMines’ proposed China Stone mine would have supplied up to 38 million tonnes per annum (Mtpa) of coal for export to the Asian market, principally China during its lifespan of about 50 years.
LTGA spokesperson Carmel Flint said it would be no surprise if Chinese banks were not willing to lend funds for the project, in the same way they ruled out funding for the controversial Adani coal mine in 2017.
Chinese Ports have also recently refused to accept Australian coking coal, with speculation China may be looking to introduce a cap on thermal coal imports from Australia as well.
“What’s clear is that workers in Central Queensland and other coal mining areas need options for long term, steady employment, that isn’t subject to the boom and bust cycle of the coal market,” Ms Flint said.
“Mining companies come and go, but Queensland needs long-term jobs in agriculture and renewable energy that can be relied on.
“We are witnessing a decline in thermal coal markets globally, and Australia is already feeling the impacts of this.”