GVK Power & Infrastructure Ltd. said it had received the Queensland Coordinator General's Report on the environmental clearance for the Alpha Coal and Rail Project in Queensland. The milestone is a major achievement for GVK as Alpha Project is the only Galilee Basin proponent with an approved Environmental Impact Statement.
In December 2010, the company agreed general terms and invested in three mines - Alpha, Alpha West and Kevin's Corner - with a total resources of eight billion tonnes of thermal coal in addition to the rail and port facilities.
The Alpha Coal Project consists of a 30 million tonnes per annum (mtpa) mine, a 495 km standard gauge railway with 60 mtpa approvals and a terminal and two berths at Abbot Point catering for at least 60 mtpa of thermal coal destined for Asian markets.
Chairman and Managing Director GVK Reddy said, "I am tremendously prod of the hard work our team at GVK has put into achieving this milestone which now paves the way for us to complete financing and secure final mining approvals for the Alpha Project in the second half of 2012. I would like to acknowledge Queensland government for their efforts in making this happened with a few months of their winning the elections. We remain committed to developing our world class projects in a timely and responsible manner and ultimately bring widespread benefits to this great state.
He added, the Coordinator General's reports was a major step in finalizing the regulatory requirements and enables us to fast track the completion of key construction and operations contracts."
At the BSE, GVK Power & Infrastructure shares are currently trading at Rs.12.45, up 3.75 percent from the previous close.
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