A new Tasmanian coal mine is set to be operational within three years after securing state approval yesterday.
The HardRock coal mine, located in Northern Tasmanian’s Fingal Valley is expected to generate $180 million a year for the state’s economy, The Examiner reports.
Construction of the $50 million development is scheduled to begin by the end of the year and should see about 80 jobs created.
Tasmania’s resource minister Bryan Green said the project is expected to be worth $6 million a year in state government royalties.
“The project will not only bring valuable investment and jobs to the Fingal Valley it will also have enormous flow-on benefits for the North-East region and the broader Tasmanian economy,'' Green said.
Green said the project will see Tasmanian rail freight jump about 40 per cent, while sea freight out of Bell Bay will increase by around 30 per cent.
Liberal MP Adam Brooks welcomed the decision, saying he “strongly supported'' the project.
“Bryan Green has admitted that this venture will inject an estimated $180 million a year into the Tasmanian economy,'' Brooks said.
“This goes to prove just how valuable mining is to Tasmania's economy and how crucial this industry is to our future prosperity.''
The Fingal project, headed up by HardRock Coal Mining includes the development of an underground coal mine which is expected to deliver about one million tonnes per annum.