Australian state approves $700 mln coking coal mine

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.

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)

((melanie.burton@thomsonreuters.com Twitter: @MelanieMetals; +613 9286 1421; Reuters Messaging: melanie.burton.thomsonreuters.com@reuters.net))

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