Big miners have sworn off new coking coal mines in response to royalty hikes and state bans, which makes Barry Tudor think he’s building the world’s last mine.
in steel blast furnaces as part of investigations into whether hydrogen can be a carbon-free substitute for coking coal in future.But the likes of BHP and Tata believe coking coal will remain the dominant reductant in steel blast furnaces for decades, and Mr Tudor said he also believed it would be at least decades before a viable substitute for coking coal was available on mass scale.
The Queensland royalty changes were announced just two months after state resources minister Scott Steward visited the Olive Downs site to mark the start of construction. Mr Tudor conceded it would now cost more than that. He did not offer a precise construction cost, but said capital spending had already topped $350 million.
For context, the biggest mine in BHP and Mitsubishi’s giant Queensland coking coal division is Goonyella, which produced 8.3 million tonnes in the 2022 financial year.
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