NAIF Funds Pembroke’s Olive Downs Coking Coal Project Queensland
The Northern Australia Infrastructure Facility will provide a AUD 175 million loan to what will become one of Queensland’s largest steelmaking coal mines. Pembroke Resources’ Olive Downs Coking Coal Project, situated in the Bowen Basin 40km south east of Moranbah, will create up to 700 jobs during construction and more than 1,000 new jobs in the region once at peak production. NAIF’s loan will fund infrastructure during the first phase of construction at the mine including rail and transmission lines, water pipelines, access roads and a coal handling preparation plant.
Ramping up from an initial production of 4.5 million tonnes of steelmaking coal per annum, at peak production Olive Downs is forecast to produce up to 15 million tonnes per annum. The coal will be transported by rail to the Dalrymple Bay Coal Terminal for export to key international markets like Japan, South Korea, Vietnam, and India.
The mine has open cut JORC reserves of more than 500 million tonnes, making it one of the largest steelmaking coal reserves in Queensland. The development has approval from the Queensland Government.
The Olive Downs Coking Coal Project is 100% owned by Pembroke, an Australian specialist steelmaking coal company and is backed by its major shareholder, Denham Capital, a leading global energy and resources private equity firm.