Billionaire Clive Palmer to fund new power station in Queensland

By @AtanuShaw on
Clive Palmer
Clive Palmer

A new coal-fired power station in Queensland, Australia could be in development soon. The plan for the 700MW power station was proposed by Waratah Coal chairman Clive Palmer in an attempt to lower down energy costs in the area.

The coal power plant will be located in the Galilee Basin with construction set to start in 2020. The project, which will help provide power to Queensland, will also be used to support mining operations in the area.

Palmer will fund the A$1.54-billion project which will also support his company’s Galilee Coal project situated about 30km north of Alpha. The power station will provide power to mining which aims to produce export coal, as well as other projects, including the North Galilee greenfields.

To raise funds for the development of the power station, the multi-billionaire businessman will liquidate some of his assets.

Sources confirm that Palmer, who is ranked 20th in Australian Financial Review’s list of 2018 Richest Australians, is already looking to sell a few of his real-estate properties, including the Palmer Coolum Resort. He may also liquidate his shares in Sino Iron and other businesses.

“I am putting my money where my mouth is by announcing this new station so we can power Queensland and help bring down energy costs which continue to escalate,” Palmer explained, as noted by Australia Mining.

The funds raised will also support the development of his Alpha North mine.

“At full scale, the project will comprise two open cut and four underground mines, as well as supporting infrastructure, and will produce 40 million tonnes per annum of high quality thermal coal for export markets.”

Aside from producing electricity and helping with export coal, the project will also provide employment to thousands of locals. The power plant is expected to provide over 1,000 jobs over its three-year development period.

The coal-fired power station is just one of the projects the Australian businessman has lined up for the next few years. With an estimated net worth of A$2.8 billion, Palmer has resurrected the plan to build a replica of the Titanic.

In a statement released on Blue Star Line’s website, the chairman confirmed that construction of the ship, dubbed Titanic II, has recommenced. Following the footsteps of the original Titanic, the new ship will also service the London to New York route.

“Blue Star Line will create an authentic Titanic experience, providing passengers with a ship that has the same interiors and cabin layout as the original vessel, while integrating modern safety procedures, navigation methods and 21st century technology to produce the highest level of luxurious comfort,’’ Palmer said.

The Titanic II will be 883-feet long with a breadth of 106ft. The ship can accommodate 2,435 passengers and will have three cabin classes — 1st class will have 383 cabins, 2nd will have 201, and the 3rd class will have 251.

“In 1912 the Titanic was the ship of dreams. For over a century Titanic’s legend has been powered by mystery, intrigue and respect for all she stood for.”

“Titanic II is a unique project that will generate unprecedented international exposure and public interest.”