Canavan seeking to win back Korean interest in Aussie coal after Bylong setback

FEDERAL resources minister Matt Canavan is travelling to Korea this week in a bid to reignite interest in the Australian coal industry after the New South Wales Independent Planning Commission knocked back Kepco’s proposed Bylong coal mine project.
Canavan seeking to win back Korean interest in Aussie coal after Bylong setback Canavan seeking to win back Korean interest in Aussie coal after Bylong setback Canavan seeking to win back Korean interest in Aussie coal after Bylong setback Canavan seeking to win back Korean interest in Aussie coal after Bylong setback Canavan seeking to win back Korean interest in Aussie coal after Bylong setback

Federal resources minister Matt Canavan.

Canavan is also seeking to promote Australia's emerging hydrogen industry.

He will meet with Korea's Minister for Trade, Industry and Energy and a number of important industry groups and businesses including the Korea-Australia Business Council, the Hyundai Motor Company, the Korea Gas Corporation and Korea Resources Corp.

"Resources are one of our greatest economic strengths," Canavan said.

"To stay in our world-beating position, we must invest in emerging opportunities and promote them to the world, including our close neighbours in Asia.

"Both Korea and Japan are advanced modern-day economies. They are home to many companies at the cutting edge of new technologies and there is strong interest in how our critical minerals can advance both our economies

"As a government, we are targeting the three ‘i's to help foster our critical minerals sector - investment, innovation and infrastructure - to clear the way for more development. Our detailed plans were released earlier this year in the Federal Government's Critical Minerals Strategy."

Last week the IPC refused to approve the Kepco Bylong coal project, citing unacceptable impacts on groundwater, strategic agricultural land, and the heritage values of the Bylong Valley, as well as the mine's impact on climate change and intergenerational equity.

Kepco was planning to extract 120 million tonnes of coal over 25 years at the proposed Bylong mine, which would have created 650 jobs during construction and 450 during production.

The IPC said it was not in the public interest as it was contrary to the principles of "ecologically sustainable development".

Canavan said the visit would also reinforce Australia's potential to become a leading supplier of hydrogen to the Asian region.

"There is a real appetite for hydrogen energy in Japan, and I will be making the most of any opportunity to strengthen resource-focused business and trade relationships between our nations," he said.

"Australia is uniquely positioned to export high quality coal, LNG and hydrogen which will all have a role in Japan's future energy mix.

"Earlier this year I helped turn the sod on a half-billion dollar pilot hydrogen project in Victoria, also supported by the Japanese Government and Japanese industry, which has the potential to create $2 billion in exports for Australia.

"It is just a taste of what could come from creating a commercial scale hydrogen supply chain which could lead to billions of dollars in export earnings for Australia and help Japan meet its strategic energy targets for 2030 and beyond.

"It is one of the first steps in turning Australia into a major global exporter of hydrogen, particularly to countries such as Japan and South Korea."

Canavan will also be in Japan from September 25 to 27.

Key engagements include speaking at the Hydrogen Energy Ministerial meeting, signing a Memorandum of Cooperation with Japan's Minister for Economy, Trade and Industry, and meetings with energy and industrial heavyweights including Tokyo Gas, Kawasaki Heavy Industries, Mitsui and Mitsubishi.