VPA CEREMONY: Vice president of KEPCO Overseas Resources Department Jungin Kim with Mid-Western Regional Mayor Des Kennedy during a meet and greet ceremony.
The Korean power company seeking to develop a coal mining operation in Bylong has committed to contributing $8.95 million to the region.
KEPCO representatives met with Mid-Western Regional councillors last week for a ceremonial signing of the Voluntary Planning Agreement that includes $325,000 to council annually over the 27 year life of the mine.
Final negotiations between the two parties are still ongoing before a final VPA is signed. Under the draft agreement the company will provide $1.5 million to the council if the department grants development consent; $1.25 million on the mine commencement date; and $0.05 per tonne of coal transported by rail from the development.
The project, that is under review by the Department of Planning and Environment, seeks to develop two open cut mines and a third underground to extract 6.5 million tonnes of thermal coal per annum. The open cut mines are expected to operate for ten years and the underground 20 years.
POSITIVE MEETING: KEPCO representatives with Mid-Western Regional councillors at the Voluntary Planning Agreement ceremony last week.
Source: Mudgee Guardian, 27 June 2016
Link: http://www.mudgeeguardian.com.au/story/3992894/kepco-commits-895m-to-the-mudgee-region/?cs=1485
