MacMines has placed its proposed $6.7 billion China Stone coal project in the Galilee Basin on hold.
The Department of Natural Resources, Mines and Energy said the company had voluntarily not progressed its five mining lease applications for the China Stone project.
The project received approval late last year from the Qeensland’s Co-ordinator General.
It consists of a planned open-cut and underground thermal coal operation 300km west of Mackay and 190km west of Moranbah.
The project would produce up to 38 million tonnes per annum (Mtpa) of coal for export to the Asian market at its peak and the mine life is expected to be about 50 years.
The department said MacMines continued to hold an Exploration Permit for Coal and a Mineral Development Licence, and would be able to apply for mining leases at any time in the future. The Coordinator General’s approval is still valid for the project.
“MacMines has advised the Department that they are committed to converting the exploration authorities that underlie the area to a mining lease, and developing the coal deposit, at a later date,” the department said in a statement.
“Queensland continues to be an attractive global investment destination Since 2015, the Queensland Government has approved $20 billion in resource projects, creating 7000 jobs for Queenslanders.”