Macarthur okays new thermal coal mine
Date: 12-Mar-02
Country: AUSTRALIA
Macarthur said the new mine will produce a type of thermal coal - high hydrogen and low nitrogen - sought by modern power stations seeking to reduce greenhouse gas emissions.
Macarthur already mines low-grade pulverised injected coal (PCI) for export to steel mills in Japan, Europe and Brazil.
"With the emergence of the new environmental order of reduced emissions, Monto sits squarely in an exciting new niche market for low ash/low nitrogen coal," Macarthur managing director Ken Talbot said in a statement.
The company plans to develop the mine to initially produce between 500,000 tonnes and one million tonnes of coal a year, eventually rising to 10 million tonnes annually, depending on market conditions.
"Our aim is to reduce CO2 (carbon dioxide) equivalent by 1.7 million tonnes every year at full capacity," Talbot said.
Greenhouse gases are blamed by many scientists for contributing to global warming.
Macarthur shares were five cents higher at A$1.43 in early afternoon trading.
Talbot said the company aims to lodge an application for a mining lease in Queensland state, required before development of the mine can start, by June 2002.