MELBOURNE, May 14 (Reuters) - Australia's Queensland state government on Tuesday said it had approved a new A$1 billion ($694.70 mln) coking coal mine, with construction to start next year.
The Olive Downs mine, owned by privately-held Pembroke Resources, will produce coking coal from the Bowen Basin. The commodity is in high demand for use in steel production in Asia.
($1 = 1.4395 Australian dollars)
(Reporting by Melanie Burton; Editing by Joseph Radford)
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