Coal news and updates

Queensland to offer coal incentives

The Newman government will today announce incentives for coal mines in the remote Galilee Basin using a ramp-up royalty period for miners, The Australian Financial Review reports.

According to the newspaper, as raft of changes including a faster planning and land acquisition process as well as the discounted royalties will be offered to aid development of the basin, 500km from the Queensland coast.

The low coal price has put doubt on whether Galilee projects will proceed, The AFR says, with current tenement holders including India's GVK, Clive Palmer's Waratah Coal and Gina Rinehart's Hancock Coal set to benefit from the new rules.

"This is about providing a real, tangilbe 'first mover incentive," Premier Campbell Newman told the newspaper.

Source: Climate Spectator