The Queensland Government has welcomed the announced acquisition of an 80 per cent stake in the Kestrel Coal Mine near Emerald, a move it says supports the long-term future of operations and employment at the site.
According to a Queensland Government media release, Yancoal Australia will become the controlling and operating entity of the underground metallurgical coal mine, which is located about 40 kilometres north of Emerald and is described as Australia’s largest underground metallurgical coal operation.
The government said the transaction is expected to secure more than 800 direct jobs, along with additional indirect employment linked to the mine.
The Crisafulli Government said the acquisition represents continued investment confidence in Queensland’s resources sector and follows other recent industry activity, including Argo Queensland’s investments in the Broadlea, Carborough Downs and Ironbark mines, as well as the $314.9 million expansion of the Ensham Coal Mine near Emerald, which the government said together supported the future of a further 1,700 jobs.
Minister for Natural Resources and Mines Dale Last said the deal reflected confidence in Queensland’s coal assets.
“Queensland is home to some of the world’s best coal mines and it makes sense that Yancoal is looking to expand its portfolio in our backyard,” Last said.
He said the government had set out to provide a stable operating environment for industry investment.
“I have made it clear to the sector and the investment community that we are open for business, we have a stable operating environment, and we will throw our support behind those companies who want to do business here,” Last said.
“The Crisafulli Government backs Queensland’s mining families and we are delivering an environment where industry can plan and invest with confidence,” he said.
