Economy

Mining billionaire Clive Palmer unveils $7 billion project

Patrick Stafford /

Queensland billionaire and mining mogul Clive Palmer yesterday implored the Federal and Queensland Governments to fast-track approval for a $7 billion Waratah Coal project in central Queensland.

Partly financed by the Chinese Government’s Metallurgical Corporation, Palmer claims it will become the largest coal mine in Australia and will export 40 million tonnes of coal a year, worth $4 billion.

Palmer, who ranked fifth on BRW’s Rich 200 list, said the massive project will create 6,500 jobs during the construction of the mine and 1,700 during its operation, and that the Governments should fast-track its approval.

“The project is ready to proceed immediately; the Chinese Government is ready to start construction. It’s just a question of getting final approval for the project,” he told the Australian Financial Review.

“I think it’s a good example of how you can, at a time when people say the economy is difficult, develop something which we all need and further the relationship with the People’s Republic of China.”

The joint venture will see Waratah Coal construct the first rail course to Abbot Point. Queensland Infrastructure Minister Stirling Hinchliffe has said the project will create new developments for the state.

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Patrick Stafford

Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.

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