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Chinese Meijin Energy abandons China Stone thermal coal project in Australia

Coal News - Published on Fri, 24 May 2019

Image Source: ABC
ABC reported that a Chinese mega mine coal project, adjacent to the Adani venture in Queensland's Galilee Basin, is in doubt after the company abandoned its bid for a mining lease. The proposed China Stone open-cut and underground thermal coal mine was planned to be built 300 kilometres west of Mackay, promising more than 3,000 jobs. The company will not explain why it abandoned the process, but analysts believe the project is no longer aligned with China's interests in coal and is financially unviable given the difficultly companies face obtaining finance for coal developments.

The project was on track to gain five mining leases after it was granted conditional approval from the Queensland Government late last year. It is the closest mine to Adani's Carmichael coal project, with the sites just 30 kilometres apart.

The China Stone project has flown comparatively under the radar compared to Adani, but at peak production it would produce up to 38 million tonnes per annum for export to China., compared to 10 million tonnes from the scaled-down Adani mine. The project is owned by MacMines Australia, a 100% subsidiary of the Meijin Energy Group, which claims to be China's top metallurgical coke producer.

A Queensland Department of Natural Resources, Mines and Energy spokesperson confirmed to the ABC the company had terminated the process after the application was officially abandoned in March. A statement said that "The schedule associated with progressing a mining lease application are subject to the proponent's commercial decisions."

Source :

Posted By : Sanju Moirangthem on Fri, 24 May 2019
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