Central Queensland coal will get a shot in the arm thanks to investment in Stanmore Coal by a Japanese mining corporation.
The government-owned Japanese Oil, Gas, and Metals National Corporation (JOGMEC) with Taiheiyo Kouhatsu will invest $1.5 million into the Belview coking coal project, as well as further investment in another coal mine near the Blackwater project.
The fourth deal between Stanmore and JOGMEC, Stanmore MD Nick Jorss said it showed a strong future for central Queensland coal.
“The industry is not all doom and gloom,” he said.
“The prices are down, there's no disputing that, but there's still a strong future for coal as this deal shows.”
Weeks earlier JOGMEC announced a $3.5 million investment in the Cockatoo Coal Dingo West project near Belview.
APN reported Stanmore will increase their exploration in the area as a result of the investment deal.
Local conservation group Capricorn Conservation Council has expressed concern about the impact the mines will have on groundwater flow into two national parks in the area.