Push for Galilee Basin development

Push for Galilee Basin development

Posted on Thursday, November 07 2013 at 3:29 PM

A State Government initiative promoting fast-tracked development of the Galilee Basin in Queensland has been announced by Premier Campbell Newman.

Galilee Basin
Development Strategy
has been released in a bid to grow the
resources sector in this region and encourage private sector investment to
facilitate this.

says the strategy will fast-track environmental approvals, improve
infrastructure such as power, water and rail, as well as support the transport
of coal to port by streamlining land acquisition and reducing red tape.

Deputy Premier Jeff Seeney
says the proposed projects for the region have a total forecast investment of
$28.4 billion and would provide more than 15,000 jobs during construction.

“Companies that are
currently investigating opening mines in the Galilee Basin are contemplating
many billions of dollars of investments,” Seeney says.

Due to the large financial
outlay required to get resource projects off the ground
and the long lead times between financial commitment and shipping the first
coal, the government will offer companies incentives, Seeney says.

“The Galilee Basin Development Strategy is designed to
encourage first movers – those proponents whom the government consider would
play a vital role in opening up the basin for their own projects and opening up
the basin for other miners as well.

“The Newman Government is
offering a ramp-up-to-royalty initiative whereby the government will consider
offering reduced royalties for an initial period of time,” he says.

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