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GVK Hancock Coal has signed up with Thiess as a preferred mine operations contractor for its $10 billion Alpha thermal coal project in the Galilee basin in Australia.
The agreement paves way for GVK Hancock, part of the diversified GVK Group based in Hyderabad, to work exclusively with Thiess to develop a 10-year mine plan and budget.
According to GVK, Thiess’s technical, engineering and plant expertise will be applied to develop the operational strategy and management plan for the thermal coal mine project. They expect to finalise the plan by the end of the year.
G.V.K. Reddy, Founder Chairman and Managing Director of GVK, said, “We are delighted to have Thiess on board to help deliver the next phase in Alpha’s operational development.”
"We look forward to working closely with Thiess in responsibly promoting the development of the Alpha thermal coal project. We have set the tone for what will be Australia’s largest coal mine," G.V. Sanjay Reddy, Vice Chairman, GVK said.
Bruce Munro, Thiess Managing Director, said, “The next six months are a critical time for Thiess and GVK Hancock to work together to reinvigorate Australia’s position as the world leader in safe and highly productive operations.”
The Alpha coal project has been declared as a project of State significance by the Queensland Government. The mines have 3-8 metre thickness making the mine suitable for high-production open-cut mining.
Since the Alpha West Coal project is currently under exploration, it has potential for further accessible resources.
The GVK management expects to extract first coal from the Alpha Coal mine project by 2016. When fully completed, the mine will produce 32 million tonnes of coal per annum for export in Asia.
GVK, through its subsidiary had acquired 79 per cent stake each in Alpha Coal and Alpha West coal mines and 100 per cent equity stake in Kevin’s Corner located in Queensland. The $1.26 billion acquisition was made in September 2011.
The company is also developing a 500 km rail link and 60 million tonne per annum port project, making it a pit-to-port logistics project.
>rishikumar.vundi@thehindu.co.in
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