Australia-based company Pembroke Resources has announced the beginning of construction works at the Olive Downs coking coal project in Queensland. “Olive Downs is the very first mine to be approved under the State Government’s “Strong and Sustainable Communities Act”. The high-quality steelmaking coal that will be produced from our mine will contribute to national and state economies as well as much needed infrastructure across the world, delivering economic benefits and jobs from the grassroots to a global scale,” chairman of Pembroke Resources and CEO Barry Tudor commented.
As SteelOrbis reported earlier, Pembroke Resources had recently arranged a $175 million loan for the financing of the project from the Northern Australia Infrastructure Facility (NAIF). According to the company's statement, the reserves of the project in question are assessed at 514 million mt of high-quality steelmaking coal. Initially, Olive Downs is expected to operate at 4.5 million mt per year, expanding its annual capacity to 15 million mt, with low-cost production and a long mine life estimated at 80 years.