New mine in Queensland provides investment opportunities
A new mining venture in Queensland could present a wonderful opportunity for property investment in the coming years, following the approval of the Carmichael Coal Mine and Rail project north-west of Clermont. This latest addition to the Galilee Basin resource sector will play a huge role in the future development of the industry in the state, with the potential to create around 6,400 jobs across the region, according to a government statement.
With these developments expected in the near future, purchasing investment residential properties in the local area could be a safe, secure decision to make ahead of the construction starts and population influx expected over the next two decades. Minister for State Development, Infrastructure and Planning Jeff Seeney said the plan to provide Queenslanders and their families with more employment options and chances for economic growth was well underway.
"Our strong plan is putting Queensland back on track to become the nation's leading economy once again. This project has the potential to be the largest coal mine in Australia and one of the largest in the world. The project proposes a combination of open-cut and underground coal mining and is forecast to produce 60 million tonnes of thermal coal a year for export," said Mr Seeney in a July 28 statement.
When completed, the project is expected to generate of $500 million annually - both directly and indirectly - for the Queensland economy during construction, and a huge $3 billion per year once the facility is running at full capacity. The mine is made up of six open-cut pits and five underground mines, along with five mine infrastructure areas, a coal handling and processing plant, water supply infrastructure and a huge 189km rail line for export.
Furthermore, the highest environmental restrictions are being put on the project in order to protect and preserve the integrity of Queensland's beautiful landscape. There are 36 Commonwealth conditions and 190 state government conditions that need to be abided by. For those concerned about the sustainability of the project, this can provide some relief.
Now could be the perfect time to consider purchasing real estate in the Sunshine State, especially with the expected population boom heading towards the nation. With a thriving resource sector, Queensland will see its fair share of new residents. Take advantage of the market and purchase a slice of investment property in the coming months to establish yourself in the thriving market.