Hyderabad: GVK Power & Infrastructure Ltd has received the Australian Federal Government’s approval for its Abbot Point Port capital dredging project.
This approval is a significant step towards the development of GVK’s Hancock Terminal 3 port facilities and Galilee basin coal assets, including the Alpha, Alpha West and Kevin’s Corner coal projects, along with the construction of a rail network to the Abbot Point port in Queensland, Australia.
The company had already got clearances for the Alpha coal mine and the rail link. With the latest government approval, GVK is now in a position to take the project forward and open up the Galilee basin for the coal project.
The Adani Group, which is developing the Carmichael Coal Mine in Queensland, has also got government nod for carrying out dredging work at the Abbot Point port.
“We welcome this Federal Ministerial approval which will help protect the environment whilst creating jobs and economic investment in the State and the region,” said G.V.K. Reddy, Chairman of GVK Power. According to the company, this approval enables the mining of billions of tonnes of high quality, low sulphur, low ash and cleaner burning coal for consumption in the Indian and Asian markets.
GVK had acquired coal mines in Queensland for $1.26 billion (Rs 7,690 crore today) and plans to invest up to $10 billion in the mine-cum-rail infrastructure projects in Australia.
This is expected to be one of the largest integrated coal mining operations when completed. These mines are estimated to be hosting over 8 billion tonnes of coal reserves.
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