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Pembroke Resources Olive Downs coal mine gets $157m NAIF loan

Glenn Hunt Even though the project is for metallurgical coal – used for steel making rather than thermal coal which is burned in power stations – the taxpayer funding is expected to outrage clean energy advocates who say all coal projects should be phased out in Australia. Mr Pitt said the $900 million project in the Bowen Basin will support up to 700 jobs during construction and more than 500 new jobs for the region when fully operational. “NAIF has approved a loan of $175 million to support the mine’s first stage of development which includes rail, and transmission lines, water pipelines, access roads and a coal handling preparation plant,” Mr Pitt said.

Public money for Olive Downs coal mine is deeply irresponsible

Date Time Public money for Olive Downs coal mine is deeply irresponsible In response to Resources Minister Keith Pitt’s announcement that the Morrison government will give $175 million from the Northern Australia Infrastructure Facility (NAIF) to support the Olive Downs coal project in Queensland’s Bowen Basin, the Australian Conservation Foundation’s Suzanne Harter said: “While investors around the world are getting out of fossil fuels, and Australia’s banks are becoming increasingly unwilling to finance coal projects due to their clear climate risks, the Morrison government is using public money to support coal. “It seems investment in Olive Downs would not hold up for other investors, yet the Minister and the NAIF board have decided it is an acceptable use of public money.

QRC welcomes federal investment in new steelmaking coal project near Moranbah

QRC welcomes federal investment in new steelmaking coal project near Moranbah
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