REMEMBER WHEN

GOLD COAST BULLETIN Thursday, May 28, 2009

GOLD Coast businessman Clive Palmer revealed plans to kick start the state’s economy, announcing he would proceed with building Australia’s largest thermal coal mine.

The project, China First, was a $7 billion investment that he says would create about 45,000 new jobs across Queensland.

The billionaire said it will have a flow-on effect to the Gold Coast’s increasing unemployment rate.

The GC United boss, who made the ‘historic’ announcement in Brisbane, said his newly acquired company, Waratah Coal, reached a 25year agreement with Chinese industrial giant Metallurgical Corporation of China (MCC).

The agreement meant 30 million tonnes of coal would be exported from the Galilee Basin, west of Emerald, to China each year, resulting in a $70 billion injection into the economy over the life of the project.

‘‘This is Australia’s largest project with about $7 billion of capital investment and creating around 6500 jobs in construction and around 1700 jobs during the operation of the plant,’’ said Mr Palmer.

‘‘There are a lot of construction workers on the Gold Coast who may want to relocate during the downturn to take advantage of employment opportunities," he said.

"More importantly, the exports for Queensland will amount to about $4 billion a year over the life of the project."

He said the flow-on effect across the state from an investment of this size would swell to 45,000 new jobs.