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Australia has black coal reserves to last 128 years - Mr Ferguson

Steel News - Published on Thu, 21 Jun 2012

Federal Resources minister Mr Martin Ferguson told a Committee for Economic Development of Australia conference that Australia had a supply of black coal, mined mostly in Queensland, to last 128 years.

He said that \"Even as the government tries to steer Australia away from using fossil fuels through a carbon tax, our national coal reserves dwarf those held by most countries allowing at least another two centuries of mining. A review of world energy supplies by petrol giant BP found Australia held 8.9% of the world\'s proven coal reserves, about 76.4 billion tonnes worth. The only nations listed with more were the United States with 27.6%, Russian Federation with 18.2% and China with 13.3%.\"

However, the figures are somewhat fluid, as exploration in Queensland and across the country is expected to reveal more coal seams. Based on Australia\'s current production and amount in reserve, BP estimated coal mining could continue at the same rate for 184 years.

Queensland Resource Council chief Mr Michael Roche said that the state was in an enviable position, supplying coal to the fastest growing regions in the world.

He said that \"Our coal reserves were known to be higher quality than elsewhere, adding estimates of coal reserves changed rapidly in the past 10 years. Less than a decade ago, the conventional wisdom was that the Galilee Basin held a little over 2 billion tonnes of thermal coal. Subsequent, more intensive exploration has confirmed resources of more than 28 billion tonnes with an expectation of more to come.\"

Mr Ferguson said that with the world population increasing by almost two billion by 2035, largely in our prime export markets of China and India, the industry would thrive.

Source - The Queensland Times


Posted By : admin on Thu, 21 Jun 2012
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