Bravus talks up Carmichael’s coal targets but bottom line sees red

The Carmichael mine in central Queensland has hit a target of 1o million tonnes of thermal coal for Bravus Resources, but also a big loss of $365 million for the financial year.

Jul 31, 2023, updated Jul 31, 2023
Night operations at the Carmichael mine in central Queensland (Photo: Cameron Laird)

Night operations at the Carmichael mine in central Queensland (Photo: Cameron Laird)

The company, which is owned by Indian conglomerate Adani, said more than 2600 people were employed since construction began on the project in 2019.

The Australian reported that the losses were on the back of foreign exchange relating to $US2.7 billion in US-denominated loans. The company’s operating loss was $132 million.

The financials were not included in the Bravus statement.

Bravus Mining and Resources chief operating officer Mick Crowe said the 10 million tonnes railed milestone was “a terrific milestone for our team, our contracting partners, and supporters of our business”.

“It also shows clear delivery on the commitments we’ve made, particularly to people in north and central Queensland, and just how much the coal industry can contribute when the job is done well,” he said.

​“We said at the outset of the Carmichael mine and rail project that we’d deliver more than 1500 direct jobs during the construction and testing and commissioning period.

​“We well and truly exceeded that with more than 2600 people employed at the peak of construction and more than $2 billion paid to regional Queensland contractors and businesses.

​“That investment in jobs and contracts has flowed on in production and today we have more than 750 people working at Carmichael at any one time, with another third of that number on their operations swing.

​“Importantly the bulk of these people live in a regional city or town named Townsville, or Rockhampton, or Clermont, or Charters Towers or Mackay, and that’s something we’re very proud of.”

​The thermal coal from the Carmichael mine is for the export market and Bravus said World Coal Association figures showed there was 151GW of new coal-fired power under construction in 16 countries and due to come online by 2026.

​That was more than double the existing capacity in the Australian energy market.

​“There’s no question that Australian coal will play a role, alongside renewables, as part of the global energy mix that delivers reliable and affordable power with reduced emissions intensity,” Crowe said.

​“We are already meeting the rising demand for thermal coal in our region with a product that not only has a lower emissions profile than coal supplied by international competitors, but one that is mined responsibly in a highly regulated environment with the right checks and balances in place.

​“That’s good news for those nations trying to lift their citizens out of energy poverty, and it’s good news for regional Queensland and the thousands of people who want a job in mining or to supply to our industry.”


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