China Stone mine in doubt as mining lease abandoned

A $6.7 billion Chinese mega mine coal project adjacent to the Adani venture in Queensland’s Galilee Basin is in doubt after the company abandoned its bid for a mining lease.

ABC News is reporting the proposed China Stone open-cut and underground thermal coal mine was planned to be built 300 kilometres west of Mackay, promising more than 3000 jobs.

The company will not explain why it abandoned the process, but analysts believe the project is no longer aligned with China’s interests in coal and is financially “unviable” given the difficulty companies face obtaining finance for coal developments.

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