Money

Newcomer tells of coal bounty

UP TO 1400 jobs could be created by mining newcomer International Coal after it told the ASX of the massive coal bounty it discovered in South-West Queensland.

The group announced on Wednesday morning that its South Blackall project - about 80km northeast of Quilpie - had at least 728 million tonnes of thermal coal over just 15% of its site.

By the time drilling is finished, International director David Round said the estimate could eclipse three billion tonnes.

To put the scale of this into perspective, although mining a different type of coal, the southern hemisphere's largest planned mine in Wandoan is expected to export about 900 million tonnes over its 30-year life.

The figures released by International are "inferred" but backed by the resource industry's formal guidelines that govern resource deposits.

"This is better than we expected, substantially better," Mr Round said.

The open-cut mine could be operational by 2016, but if it becomes bogged down by government approvals, that could blow out to 2019.

The South Blackall mine would ideally export up to 50 million tonnes per year at its peak, most likely being dispatched for a terminal at Abbotcor Point in Central Queensland.

"Economically, we would have to move between 20 million tonnes and 50 million tonnes per year," Mr Round said. "And we confidently can with what will happen in the future."

He flagged that rather than investing in an exclusive railway line to move the thermal coal - used to produce electricity - International would likely join with magnate Gina Rinehart's nearby project to share infrastructure.

"We would have to develop unique infrastructure to the site, or talk to the other operators nearby."

International would look to have "up to 1000 workers involved over a couple of years", with contractors on top of that.

When International hit the ASX 12 months ago, its prospectus described the South Blackall project coal deposits as "likely to be of relatively low quality".

But the same document also suggested there would roughly 468 million tonnes to be mined, a number almost half of what was announced on Wednesday.

Topics:  asx international coal mining


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Fr Dan was a priest of the people

CELEBRATION: Fr Dan Moore at his 50 years of priesthood jubilee.

A vibrant life remembered.

Mayor responds to union criticism over DV leave

Central Highlands Mayor Kerry Hayes.

According to the Services Union, council is all talk, little action.

Coal mine takes the next step

FULL VIEW: The Olive Downs project.

A mine that will create more than 1000 jobs for CQ is a step closer.

Local Partners

Textiles master weaves her magic

Exhibition at Moranbah Coalface Art Gallery.

REVIEW: Under the Gun doco looks at right to bear arms

ARMED: A still from the 2016 documentary film Under the Gun by Stephanie Soechtig.

An in-depth look into America's gun culture.

Messing with your head

MIND BLOWN: What could be weirder than the realisation that we have another completely separate brain and nervous system than the one originating in our heads?

Fascinating connection between your gut and your brain

Sir Elton John coming to Mackay: What you need to know

Sir Elton will come to Mackay and Cairns in September.

Tickets to the concert go on sale on March 14

Samuel L Jackson dismisses La La Land ahead of Oscars

'LA LA Land? I only made it through 20 minutes.' Samuel L Jackson reveals his Oscars choices.

Live performance of Sci-fi classic to open Science Festival

Qld Symphony Orchestra perform live to 2001: A Space Odyssey.

Festival will host A Live Presentation of 2001: A Space Odyssey.

Former Family Matters stare accused of child abuse

Reginald VelJohnson, left, and Darius McCrary arrive at the TV Land Awards on Sunday, April 19, 2009 in Universal City, Calif.

Darius McCrary has been accused of child abuse

Bindi Irwin's birthday tribute to her dad

Bindi Irwin

Bindi Irwin has paid tribute to her dad on his 55th birthday

Reality TV show gives Maryborough a boost

*WARNING EMBARGOED until 9.15pm Monday January 30* Sean Hollands and Susan Rawlings pictured after their wedding on the TV series Married At First Sight. Supplied by Channel 9.

Maryborough looks good on reality TV show.

Buderim dad rejects gay son's emotional plea for second time

LOVERS: Grant and Chris have been together for more than three years, and Chris' parents refuse to acknowledge their son's fiance.

Son’s emotional plea rejected again by unmoved father

What's on the big screen this week

Ewan McGregor and Jonny Lee Miller in a scene from the movie T2: Trainspotting.

This week's new releases offer plenty of variety for movie buffs.

$140k damage: landlord says property trashed, contaminated

He had what he calls "the tenants from hell"

Submarine, buses and 3000 tyres removed in $100K clean up

The list of things removed from this property is beyond astonishing

Popular island resort sells to loaded international investor

OUR PICK: Chris Foey's colourful shot of one of Gladstone's great tourism hot spots, Heron Island.

International investor snaps up piece of Gladstone paradise.

Ipswich facing housing shortage: Property expert

Matusik Property Insights director Michael Matusik.

What's next for the city's housing market

Ready to SELL your property?

Post Your Ad Here!