Stanmore Coal's dollar dazzler begins operations
Isaac Plains, the Queensland mine bought by Stanmore Coal in 2015, has officially been opened today.
Following its purchase by Stanmore Coal for just one dollar,dubbed the “dollar dazzler”, the coal mine will produce 1.1million tonnes per annum of coking coal for export to Asian steel mills.
Queensland Resources council chief executive Michael Roche believes the opening of the mine represents a bright spot in a dark time for the industry with low commodity prices.
“The official opening is big news for the Bowen Basin in what have been gloomier times for the once becoming sector,” he said.
The mine will generate up to $7million annually into state royalties, generated through the Asian steel mill exports. The Queensland government had received $2.1billion in royalties in the last financial year, something that Mr Roche says is a testament to the resources sector and its contribution to the economy.
“That $2.1billion was the equivalent of funding the salaries of 35,000 teachers, 30,000 nurses or about 32,000 police officers. Or in the case of Stanmore Coal, that $7million [injected into the economy] could annual fund about 100 nurses, 104 police or 118 teachers,” he said.
The government would have collected zero royalties from closed mines and from projects that are cancelled, but the ‘dollar dazzler’ will significantly contribute to the state via the royalties.
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