Australia-based Pembroke Resources has announced that it has received a A$175 million loan from the Northern Australia Infrastructure Facility to develop the Olive Downs coking coal project in Queensland.
According to the statement, Olive Downs, which is located in the Bowen Basin and has a reserve of 514 million mt of high-quality steelmaking coal, will contribute 500-700 jobs during construction and more than one thousand jobs once at peak production. Olive Downs will initially operate at 4.5 million mt per year, expanding to an annual capacity of 15 million mt, with low-cost production and a long life mine estimated at 80 years.
“We will proactively manage our greenhouse gas emissions and reduce our Scope 1 and 2 emissions using technology and innovation,” Barry Tudor, Pembroke Resources chairman and CEO, added.