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Real Estate News Releases
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(EstateNewsWire.com, September 14, 2012 ) Brisbane,Queensland -- The Australian Mining Review has released a report on the growing coal seam gas mining industry, which appears to be thriving in Australia, particularly in Queensland.
Nicholas Newman reported on the story, saying the future for the state’s coal and coal seam gas (CSG) industries is looking up.
According to Newman, overseas demand for these sectors continues to increase at a steady pace, and as a result, there are ambitious plans to invest billions of dollars to dramatically expand capacity. Newman also reports that despite the optimism, the industries’ expansion plans face several obstacles that need to be resolved. They include the recently announced carbon tax, skills shortages and local opposition due to environmental problems.
According to the Australian Mining Review, at present, Queensland provides 20% of the coal traded in international coal markets. In 2009, the State’s 52 coalmines earned some $33.2 billion in export revenues and the QRC’s Roche estimates that Queensland’s State Treasury receives some $8.5 million every day in royalties from coal production. This is not surprising given that in the past year, the price of coking coal has increased by 19% and for thermal by 17%, reports the newly established Bureau of Resources and Energy Economics report on Resources and Energy Statistics – June 2011.
Currently, the domestic market consumes 15% of the state’s output, mostly for power generation, while the rest is exported to mainly power stations and steel mills in some 47 countries, though the main markets are Japan (36%), Korea (15%) and India (13%). Queensland dominates global metallurgical coal exports with 75% of export tonnage.
"The current mining boom continues to exceed expectations,” said Martin Fergusen. “The Australian Government understands the immense importance of our resources and energy sector and is committed to a policy framework that enables industry to expand to meet world demand."
As part of efforts to meet continuing increases in demand for both metallurgical and thermal coal from Queensland, investors have announced several projects to not only expand existing mines, but also the development of new mines from scratch. Among the proposed mining schemes being examined by the State government for approval are the following proposals: the Galilee Coal Project, Bowen Basin Coal Growth Project and Wandoan Coal Project. Approval of these would increase Queensland’s coal industry exporting capacity by 40%.
In addition, to investing billions in new coal exploration and production, the industry is working with the state government to upgrade and expand the network of railways and ports that connect coal terminals with the mines. These improvements to the coal freight rail network are likely to cost at least $2 billion and are due for completion by 2014. Amongst the existing coal ports due for expansion are Hay Point, Abbot Point, Brisbane and Gladstone.
The planned Wiggins Island export coal terminal at the port of Gladstone is expected to cost investors some $3.5 billion and should be ready by 2012. Once complete many of the existing congestion problems that hinder coal exports to the rest of Australia and abroad should be resolved.
About the Company
The Australasian Mining Review magazine is an independent voice for mining and energy across Australia and Asia. Each edition of the publication focusses on key developments and projects in the Australian mining industry along with featuring Australian mining towns, relevant expos and conferences and other issues affecting those working in the mining industry.
Contact Information:
Australasian Mining Review
The Mansions, level 2 Cnr George & Margaret Streets
Brisbane, QLD 4000
Australia
Phone Number: 07 3003 0283
Australasian Mining Review
John Connole
07 3003 0283
jconnole@aprs.com.au
Source: EmailWire.Com 
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