A joint venture, combining the strong energy and infrastructure of a leading Indian business group with one of the leading resource companies in Australia, has provided an update of its significant coal project developments in Central Queensland.
GVK Hancock, the joint venture between GVK and Hancock Prospecting, has announced that the company is working hard on the development of its Alpha Coal Mine and the Kevin’s Corner Coal Mine in the Galilee Basin in Central Queensland.
GVK is currently working towards obtaining regulatory approvals for the two coal mines following a successful 2017 which saw the company gain an Environmental Authority for both of the mines in order to work through the recommendations made by the Queensland Land Court ahead of the Mining Leases.
“The shareholders of GVK Hancock remain fully committed to these projects and will make further major financial commitments at suitable stages to be ready when market supply diminishes,” the company said in a statement.
“GVK Hancock is taking a responsible approach and will only bring on new large-scale production volumes if we are confident that market conditions support such a development.”
The two mines at full production will produce around 60 million tonnes annually for 30 years.
The Alpha Coal Project is a well-known thermal coal deposit within the Galilee Basin in Central Queensland, Australia.
Described as the jewel in the crown of the Galilee, the Alpha Coal Project will be a 32 Mtpa open-cut coal mine, with the potential for the future development of significant underground reserves. The open-cut operation has an expected mine life of 30 plus years, with sufficient Joint Ore Resources Committee (JORC) compliant resources to extend the project life well beyond 30 years. The Alpha Coal and Kevin's Corner combined resource is 7.9 billion tonnes of JORC compliant thermal coal.
The Kevin’s Corner thermal coal deposit is owned by Hancock Galilee Pty Ltd (HGPL), which is a wholly owned subsidiary of the GVK Group. It was previously owned by Hancock Prospecting Pty Ltd. until 2011.
The Kevin's Corner mine development is based upon a JORC (Joint Ore Reserves Committee, 2004) compliant resource of 4.2Bt, including 473Mt in reserve category, modelled from drilling of approximately 800 drill holes since the 1970’s.