Giant of the mining sector, BHP Billiton will be injecting funds worth $287,000in order to speed up the development of its planned coal mine project off the South West of Mackay.
The company is expecting that the Caval Ridege mine, which will be located near Moranbah in Queensland, will produce nearly 5.5 million tons of high quality coking coal every year.
Coking coal is utilized in operations by steelmakers.
The extra funds will also be used in order to quicken the expansion of the Hay Point coal terminal in the Bowen Basin.
The expansion of the terminal is expected to increase its yearly capacity from 44 million tons to about 55 million tons annually.
BHP has shared that the extra money would be used for "feasibility studies and other initial project activities", as well.
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