Gina Rinehart's Hancock Prospecting says its plan to become the first company to export thermal coal from Queensland's Galilee Basin is on track, with the first shipment from the trial Alpha mine set to be shipped to a Korean power station on June 26.
The company said in a statement released today that the shipment would underpin the project and bulk sample testing work conducted at Alpha's Tad's Corner.
Hancock said an official coal export ceremony would be attended by prospective international coal customers, predominantly from the power generation sector.
The company said it expected a broad ranging customer base encompassing 13 buyers in six countries, including Japan, Taiwan, Vietnam, Korea and India.
Ms Rinehart also refuted media speculation that Indian power and infrastructure conglomerate GVK Group was in negotiations with Hancock to purchase the Alpha and Kevin's Corner mines.
Media reports surfaced yesterday that GVK, which is owned by Indian billionaire GV Krishna Reddy, was in talks to borrow $US850 million to fund the acquisition of the coal mines.
GVK is seeking overseas coal supplies to fuel power plants in India, after its shares fell 45 per cent in Mumbai over the past year.
But Ms Rinehart said Hancock would continue to hold equity in its major Queensland coal projects.
"We always recognised we would not be able to retain 100 per cent equity given the significant size of the investment required for the three mines and their infrastructure - but remain keen to hold a significant position," Ms Rinehart said.
"These are projects we have worked very hard to progress - we only regret that with Australia's high costs and the risks of additional taxes our Australian company unfortunately won't be able to retain as much equity as we had hoped."
