Alpha West coal project
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Alpha West coal project is a proposed underground mine in the Galilee Basin, central Queensland, Australia. If it goes ahead it could be the third coal project by GVKHancock Coal in the basin.[1]
Alpha Coal Project and Kevin's Corner Coal Project and Alpha West coal project would use the same rail link to Abbot Point coal terminal before the coal is exported. The three mines will also share site based infrastructure such as electric power lines, water supply, airports and roads.[2]
Contents
Location
68 km north west of Alpha, Queensland, Australia. The below, undated photograph, shows the approximate location, adjacent to the Kevin's corner proposal and the proposed site for the Alpha coal project.
Coal Mine Background
GVK Hancock is a joint venture that includes Hancock Prospecting, one of Australia's largest resource companies GVK, one of the largest business groups in India. The joint venture plans to develop the vast coal reserves of the Galilee Basin to provide energy in the Indian subcontinent as a mainstay to help underpin India's growing economic future.[2]
A concept study has been completed for this site.[1]
In August 2019 Alpha West is referred to by Renew Economy Australia as "GVK’s equally [along with GVK's other two coal proposals] stranded 24Mtpa Alpha West coal proposal." Due to the lack of a secure Indian market for the coal following India's move to become more independent in coal supply.[3]
Project Details
- Sponsor: GVKHancock Coal
- Parent Company: GVK Group and Hancock Prospecting
- Location: 68 km north west of Alpha, Queensland, Australia
- GPS Coordinates: -23.115171, 146.332751 (approximate)
- Status: Proposed[1]
- Production Capacity: 24 Mt/year[3]
- Total Resource: 1.8 billion tonnes[2]
- Minable Reserves:
- Coal type: Thermal[1]
- Mine Size:
- Mine Type: underground longwall mining[2]
- Start Year:
- Source of Financing:
Financing
The delay to GVK's projects in the Galilee basin has put the parent group into financial difficulty. In May 2017, GVK told stock exchanges that GVK Coal, a subsidiary, failed to achieve financial closure resulting in delay in mine development activity and in entering definitive agreements for port and rail development and agreement for the sale of coal.[4]
In 2019 GVK is still struggling financially. Mr Buckley from Institute for Energy Economics and Financial Analysis, said GVK Singapore, the dominant partner in the Kevin's Corner, Alpha and Alpha West projects, was effectively "bankrupt" with more than $US1 billion debt and no revenue or equity.
But billionaire Gina Rinehart, who is owed $US750 million by GVK, could bankroll Galilee Coal if she saw money in it.[5]
Articles and resources
References
- ↑ 1.0 1.1 1.2 1.3 GVK Hancock, "Alpha West"accessed 17 September 2019.
- ↑ 2.0 2.1 2.2 2.3 Mining Link,"Alpha West"accessed 17 September 2019.
- ↑ 3.0 3.1 Tim Buckley, "Coalition report on coal exports to India is missing the backstory"26 August 2019.
- ↑ Economic Times, "What debt can do: Will this smallcap become a Rs 1 lakh crore firm some day?4 August 2017.
- ↑ ABC News, "Adani could be 'ice-breaker' for six more proposed Galilee Basin mines, resources body says"accessed 17 September 2019.
