Hyderabad, Oct 10 (IBNS) GVK, a leading Indian conglomerate with a presence across energy, resources, airports, transportation, hospitality and life sciences sectors, on Wednesday said it has welcomed the Australian Federal Government's approval of its Terminal 3 (T3) Development at the Port of Abbot Point, near Bowen under the Environment Protection and Biodiversity Conservation Act 1999 (EBPC Act).
Following a rigorous and thorough assessment process by the Department of Sustainability, Environment, Water, Population and Communities (SEWPaC), Australian Federal Environment Minister Tony Burke on Wednesday announced that the GVK's Alpha Coal Port Project at Abbot Point has been given a go-ahead.
This follows the separate approval for the Alpha mine and rail projects on August 23.
Speaking on the development, GVK Reddy, Chairman, GVK, said, "This development is yet another milestone towards our goal to be the premier, most reliable coal supplier to the world enabling better lives. We further believe that we can provide the best quality coal to supply power to developing countries including India.
"Moreover power generation is a great enabler to economic growth and a better standard of living. The development further strengthens our commitment to develop our world-class projects in a timely and responsible manner."
The company said besides creating thousands of jobs the combined Alpha mine, rail and port project's returns to government of over $1 billion each year in royalties and taxes will ensure means more money for governments to spend on as infrastructure, health, schools, police, services, local communities, careers for the next generation and sport and recreation.
In addition, GVK, through its mine/rail conditions, will also specifically provide a $2 million contribution to the coordination of research into EPBC listed precious fauna over ten years.
The port approval also provides for over $20 million of GVK expenditure during the initial project approval life for Indigenous Rangers and other State/Federal support for the Great Barrier Reef Field Management Program and other reef conservation benefits through the Great Barrier Reef Marine Park Authority.