Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The Australian government has granted a $131.25mn loan to Olive Downs for the first-stage development of their Queensland met coal project, according to the country’s minister of resources. 


Olive Downs is expected to produce around 15mn mt of metallurgical coal per year over a mine life estimated at 79 years. The project is estimated to cost $675mn. The coal, according to the mine’s owner Pembroke Resources, will be exported to at least four Asian countries.


Keith Pitt, the Minister for resources, water, and Northern Australia, stated that the mine is expected to add $10bn to the country’s economy over its lifetime. 


Construction of the project is likely to employ 700 workers in the region with over 500 expected to work at the mine when operations begin.

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