CQ's 'dollar dazzler' mine generates 150 jobs
AN unwanted mothballed mine that was snapped up for a dollar by Stanmore Coal last year has had its official unveiling today in Central Queensland.
While former owners Vale and Sumitomo didn't see a bright future for the Isaac Plains coking coal mine, Stanmore Coal saw an opportunity in the "dollar dazzler" investment.
Queensland Resources Council chief executive Michael Roche said the restart of the mine was a great shot in the arm for an industry that had been hit by decade-low commodity prices.
"The official opening is big news for the Bowen Basin in what have been gloomier times for the once booming sector," Mr Roche said.
"Since acquiring the mine in August last year, Stanmore has created more than 150 direct jobs for the community and will inject $7 million annually into the state's royalty revenues."
Mr Roche said the resources sector contributed directly and indirectly to one in every $5 of the state's economy and was responsible for one in six jobs.
"It is great to see the Queensland Premier here today, which signifies her acknowledgement of the value of our sector to the government, which received $2.1 billion in royalties last financial year," Mr Roche said.
"That $2.1 billion was the equivalent of funding the salaries of 35,000 teachers, 30,000 nurses or about 32,000 police officers. Or, in the case of Stanmore Coal, that $7 million could annually fund about 100 nurses, 104 police or 118 teachers.
"The state collects zero royalties from mines that close and from projects that are cancelled. The mine that would not have otherwise produced any money for the state's coffers, will now inject $7 million every year."
In order to generate the royalties, the mine will produce 1.1 million tonnes per annum of coking coal for export to Asian steel mills during its mine life, which has recently been extended to more than 10 years.