Asia Energy Submits Report on Coal Mine Project in Bangladesh
Posted on: Tuesday, 4 October 2005, 09:00 CDT
Asia Energy submits report on coal mine project in Bangladesh
DHAKA, Oct. 3 (Xinhua) -- Asia Energy Corporation has submitted to the Bangladeshi government its feasibility study along with a plan to develop a 2-billion-US-dollar open-pit coal mine at Phulbari in northwestern Bangladesh from next year.
Developing the mine would require the company to relocate 40, 000 people of 9,000 households in the mining area in different phases over a 30-year lifespan of the mine. The company will compensate the affected people, The Daily Star reported on Monday.
At the same time, the 6,500-hectare mine is expected to stimulate economic activities, particularly in transport sector, railway, land and sea ports and infrastructure building in the western and northern Bangladesh. The mine will directly create 10, 000 jobs.
The Bangladesh wing of the British company in its study shows that the mine has 572 million tons of high quality coal. The two- year study costing 18 million dollars involved 300 people to see environment impact of the project.
"The operating cost of the mine for 30 years will be 10 billion dollars," Chief Executive Officer of Asia Energy (Bangladesh) Gary Lye was quoted by the daily as saying. During this period, the mine will produce coal worth nearly 24 billion dollars. The average price of coal has been estimated at 50 dollars per ton.
Lye's economic projection shows that in 30 years' time, Asia Energy will earn 7 billion dollars while the government will earn a royalty of 1.2 billion dollars and 2.8 billion dollars as corporate tax. The rail and port facilities, income tax division and customs department will earn another 3 billion dollars.
If the government approves the plans, the company will start land acquisition next year, mine development in 2007 and start production of 1.5 million tons of coal a year from 2008. Production will gradually increase to 15 million tons per year by 2013.
Source: Xinhua News Agency - CEIS
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