Syntech Resources is joining forces with German firm Direct Invest to construct a $250 million coal mine in Queensland’s Surat Basin.
Syntech Resources chief executive Darian Hielscher said stage one of the Cameby Downs project, scheduled to start in July, would employ about 100 people.
The project is said to have a resource base of around 1.7 billion tonnes of open-cut, high quality thermal coal.
Production is planned to start in 2010, with about 1.4 million tonnes to be exported each year through the Port of Brisbane.
A second stage, which would require further investment but is well advanced in planning, could result in production of 20 million tonnes a year, and 600 jobs, Hielscher said.
“Our mining lease and all regulatory approvals have been granted and contracts are in place for coal haulage and port utilisation,” he said.
Direct Invest is also working on a coal-to-liquid and gas-to-liquid project, known as Sunstate CTL/GTL, in the Surat Basin and plans to inject around $1.5 billion into clean coal technology over the next five years.
A second project in NSW is in a preparatory stage.
Several hundred jobs are expected to be created in each location.