More than 4000 direct new coal-mining jobs could be created for regional Australians, including Central Queenslanders, if India becomes Australia’s next coal export hotspot.
Minister for Resources and Northern Australia Matthew Canavan said India’s rapidly growing demand for energy presents a “golden opportunity” for Australia to increase its trade with the country.
“The Coal in India 2019 report, prepared by the Office of the Chief Economist, clearly illustrates that potential,” Minister Canavan said.
The report provides a detailed examination of recent developments in India’s energy, electricity and mining policies and how they could impact on its future demand for thermal coal.
“As the highly respected author of the India Economic Strategy to 2035 Peter Varghese AO said this week, there is no market in the world that has as much potential for increased trade with Australia as India,” Minister Canavan said.
“Australia is already a strong and reliable energy partner for India. We can grow this relationship further.
“The growth of India’s energy sector is truly astonishing. Since 2000, more than 500 million people have been ‘switched on’ to electricity, with coal providing around 44 per cent of India’s energy mix.
“However, by 2017 there were still 168 million people living in India who had no access to electricity. That is almost seven times the population of Australia.
“If we could lift our thermal coal exports to India to the same market share we currently have with China - to just fewer than 25 per cent of their imports - we could export an additional 37 million tonnes of high energy, low ash thermal coal.
“That is the equivalent of three or four new Adani Carmichael–sized coal mines. If this investment occurred in the Galilee Basin, it would open up a new, sustainably-sized coal basin in Queensland,” Minister Canavan said.
Federal Member for Capricornia, Michelle Landry said mining and resources were integral to Queensland’s economic growth and the state’s positive standing in the world’s resources sector.
“Developing strong export partnerships with countries like India ensure that clean, safe Australian coal is used to meet their energy requirements for years to come.
“In the 2017-18 financial year, mining projects in the Fitzroy region paid $1.2 billion in wages, provided 13,105 full-time jobs and paid $4.2 billion in royalties shared across Queensland.
“Queenslanders at the last federal election voted for mining’s future in our state and only the Coalition Government is focussed on delivering for the sector to grow and prosper,” Ms Landry said.
The Coal in India 2019 Report is available here: