What you need to know:
- 150 direct jobs and 450 indirect jobs
- Mine plans to reopen in June
- Mine is expected to generate $85million in State Government revenue
- TerraCom paid Rio Tinto $1 for the mine that was mothballed in 2012
THE owners of the Blair Athol mine site in the Bowen Basin want to start mining in June.
TerraCom announced to the Australian Stock Exchance on Monday that their subsidiary, Orion Mining, has satisfied Queensland Government conditions to recommence mining at the site.
The company was required to provide $13.5million in funds to take on the Blair Athol Coal Mine mining lease from former owner Rio Tinto.
Blair Athol was previously owned by Rio Tinto and was sold to Terracom for $1 after the mining giant mothballed the mine.
Orion Mining chairman and TerraCom board member Jim Soorley said the approval was great news for Clermont and Queensland.
"We plan to recommence mining in June, with more than 600 direct and indirect jobs expected to be generated in the local and regional communities," he said.
"We will move our corporate office to Clermont to be close to the mine and demonstrate that we are serious about out commitment to support the local community."
"TerraCom has had strong interest from customers in North Asia for Blair Athol Coal.
"Over the next seven years we plan to export $1.2billion in product - assuming current prices - delivering enormous value to TerraCom shareholders."
TerraCom also plans to rehabilitate 50 hectares of land while bringing the mine back into production.
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