BHP Billiton Limited (ASX:BHP) has officially opened the $US3.4 billion Caval Ridge metallurgical coal mine in Central Queensland.
The project is a joint venture between the global diversified mining company and Japan’s Mitsubishi named the BHP Billiton Mitsubishi Alliance.
Caval Ridge Mine has created about 500 jobs in the state and is expected to initially produce up to 5.5 million tonnes per annum of premium quality metallurgical coal.
BHP advises the mine was delivered below budget, produced its first coal three months ahead of schedule and is set to contribute to Australia’s coal export industry.
The news comes after BHP cut 700 workers from its Queensland metallurgical coal mining business last month and after China’s Ministry of Finance reintroduced import tariffs on coal imports last week.
BHP Billiton reported a net profit of $16.16 billion in the full 2014 financial year.
