GVK Hancock has been granted a conditional clearance from the Land Court of Queensland in Australia for its $10 billion Alpha Coal Mine project. The Land Court of Queensland has ordered to meet strict environmental conditions over water conservation before developing a coal mine. The conditional recommendation follows a six-month court challenge initiated by farmers and community groups.
GVK Hancock is a joint venture between Indian conglomerate GVK and Hancock Prospecting, which is owned by Western Australian mining magnate Gina Rinehart. The partners had already received State and Federal Governments clearance to develop the Alpha thermal coal mine in the remote Galilee Basin.
GVK, in 2011, had acquired 79% stake in the Alpha Coal and Alpha West projects and 100% stake in the Kevin’s Corner project in Queensland from Hancock Prospecting. GVK’s Alpha Coal Mine is located in the Galilee Basin with the first coal expected to be extracted by 2016. When fully commissioned, the mine will produce 32 million tonnes of thermal coal per year for the Asian export market.
The development of the Galilee Basin will provide direct employment to around 7,500 people across the region, state and nation during construction, and almost 4,000 once operational contributing over $40 billion in taxes and royalties over the life of the mines. The project will also enable to bring online a new world class high quality, low ash, low sulphur, low gas thermal coal basin with an ability to lower global emissions from coal fire power generation.
| Company Name | CMP |
|---|---|
| NTPC | 405.60 |
| Tata Power | 436.05 |
| Adani Power | 215.45 |
| Power Grid Corp | 321.00 |
| Torrent Power | 1658.00 |
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