Martin Ferguson
Minister for Resources and Energy
Minister for Tourism
Greg Combet
Minister for Climate Change and Energy Efficiency
The Government has welcomed the announcement today by the board of one of the world’s largest mining companies, Vale, to approve US$875 million in funding for a new coking coal mine in Queensland. Subject to regulatory approval, the Eagle Downs coal project would be a joint venture with Australian company Aquila Resources.
The Minister for Resources and Energy, Martin Ferguson AM MP, said this latest announcement is further proof of Australia’s attractiveness as an investment destination.
“With $430 billion already in the investment pipeline for resource and energy projects, investors both domestically and from around the world are demonstrating their confidence in Australia,” Minister Ferguson said.
“The strength and resilience of Australia’s economy is a major factor in our ability to continue to attract these large scale investments.
“Projects like this one add to that by driving economic growth for Queensland in particular and the nation at large.
“Increased production capacity from projects like Eagle Downs going ahead helps Australia to maintain its market share and position as the world’s largest exporter of coal.”
In partnership with Aquila Resources, Vale is already working on the expansion of the Integrated Isaac Plains project and considering a further major coal new project, also in Queensland.
The Minister for Climate Change, Greg Combet AM MP, said Vale’s investment decision shows -Australia’s coal sector has a bright future and gives the lie to the Coalition’s irresponsible scare campaign over carbon pricing.
“The Government’s carbon pricing plan does not mean the end of coal industry in Australia as the Coalition continues to claim,” Minister Combet said.
“This latest project once operational is expected to employ around 400 people.
“We are seeing new investment after new investment, and each one delivers yet another blow to Mr Abbott’s credibility on this issue.
“It’s about time Mr Abbott stopped talking down Australia’s prospects and started welcoming investments that are creating jobs and economic prosperity.”