Clean coal-technology power plant proposed for mega Australian coal project
14 Sep 2009
The giant Galilee coal project proposed by billionaire Clive Palmer for central Queensland is set to get bigger with the proposed addition of a power station based on clea-coal technology proposed for the project.
The proposed power station projected to cost $1.25 billion will be built adjacent to the site of the proposed new coal mine 30 km northwest of the tiny town Alpha.
With the proposal the total cost of the project which involves a new coalmine,a 490 km railway line to a 40-million-tonnes-a-year two-berth export terminal at Abbot Point near works out to $8.7 billion.
The project has still not received environmental clearance of the Queensland government but when it does it will be the first coalmine in the Galilee Basin.
While Palmer is Australia's fifth richest man with considerable cash at his disposal he has also roped in the government-owned Metallurgical Corporation of China which has taken a 10 per cent stake in the project. Additionally he is also seeking to raise about $2.5 billion on the Hong Kong stock exchange within the next month to finance the project.
The proposed clean-coal power station does not have a definite form of technology attached and the company is scouting for a suitable location in the Galilee Basin for dumping the carbon dioxide produced in the production process of coal.
