GVK Hancock has secured environment clearance for its $10 billion Alpha Coal mine Project in Central Queensland, Australia.
"After over six years of comprehensive environmental assessments and detailed planning, GVK Hancock has been granted an Environmental Authority (Clearance) for its Alpha Coal Project in the Galilee Basin in Central Queensland," the company said in a statement.
In 2011, GVK had acquired 79 per cent stake in the Alpha Coal and Alpha West projects and 100 per cent stake in the Kevin's Corner project in Queensland from Hancock Prospecting Pty Ltd.
GVK's Alpha Coal Mine is located in the Galilee Basin with the first coal lot expected to be extracted by 2016. When fully commissioned, the mine will produce 32 million tonnes of thermal coal per year for the Asian export market.
The Land Court of Queensland in Australia had earlier granted conditional clearance to Alpha Coal Mine project.
"This is one of the most significant milestones in the development of our Galilee Basin coal projects till date which will create one of the most remarkable pieces of regional and economic developments Queensland has seen for decades," GVK Reddy founder Chairman and Managing Director of GVK said in the statement.
The company said it further plans to meet every environmental condition that has been set by regulatory authorities.
"This milestone takes us another step closer towards commencing our proposed Alpha mine, which will create around 4,000 jobs during its three year construction and more than 1,800 jobs over its 30 plus years of operation. We've invested tens of millions of dollars and thousands of man hours assessing, planning and engaging with communities to reach this stage," GVK Vice Chairman G V Sanjay Reddy said in the statement.