$1.5 million boost for CQ coking coal mine
A JAPANESE government-owned mining corporation is investing even more money in central Queensland coal, after announcing it would pour $1.5 million into a Blackwater mine.
The corporation is also going to invest in another coal mine just kilometres away from the Blackwater project.
JOGMEC, the Japanese Oil, Gas, and Metals National Corporation, along with Taiheiyo Kouhatsu will invest $1.5 million into Stanmore Coal's Belview coking coal project.
Stanmore Coal managing director Nick Jorss said the deal showed a strong future for central Queensland coal.
"The industry is not all doom and gloom," he said.
"The prices are down, there's no disputing that, but there's still a strong future for coal as this deal shows."
The deal is Stanmore's fourth with JOGMEC and comes just weeks after the corporation announced a $3.5 million investment in Cockatoo Coal's Dingo West project just kilometres away from Belview.
Mr Jorss said while the industry's focus had been on the Indian and Chinese markets, Japan was also an important destination for Queensland coal.
The deal with the Japanese companies means Stanmore will increase its exploration in the area.
A representative for the Capricorn Conservation Council did not respond to a request for comment yesterday.
However, the group has previously expressed concern over the impact mines near Blackwater would have on endangered wallabies in the area.
Council spokesman Michael McCabe has expressed concern about the impact mines would have on the groundwater flow into two nearby national parks.
Mr Jorss said the continuing investment from Japanese corporations in central Queensland coal was a vote of confidence in the industry.
- APN NEWSDESK