A $1.4 billion diamond mine in Queensland won’t survive another year

A mining company has won a $1 billion award from the Queensland Government for its diamond mining operations in a state that is the world’s largest producer of diamonds.

The $1bn award, given by the Queensland Diamond Council (QDC), comes as the Queensland Premier, Annastacia Palaszczuk, faces calls for a review into a $6.5bn mine that was approved by her predecessor, Campbell Newman.

The QDC said the mine, located in the north of Queensland, produced about 2.4 million tonnes of gold and platinum, which is worth an estimated $7.7bn in the state.

The Queensland Government said it was “pleased” to have won the award and that the project would “provide opportunities for the Queensland diamond industry”.

Queensland’s Diamond Council said the award, announced by Queensland Premier Annastasia Palasczuk in Brisbane on Monday, was made in response to the state’s economic climate and “the need to support the industry”.

The QRC said it would award $1b to Queensland for its contribution to the mining industry in the province.

“The Queensland diamond sector has been resilient to this recent downturn in diamond prices and, despite some recent downturns, the industry has remained strong,” the QRC’s chief executive, Michael Hodge, said in a statement.

“This year we have made great progress, with a record $1billion worth of investment.

The Queensland Diamond Industry Group is committed to working with the QDC and the State Government to ensure that Queensland continues to be a leader in the global diamond industry.”

We look forward to seeing the QSC Award in person.

“Queenslands has a long and storied history in diamond mining and is now the world capital of the industry.

In 2009, the Queensland State Government announced plans to mine the first diamonds in the country at a site in Mount Maunganui in south-west Queensland.

The Government estimated that the first project would cost $1,200 million, with the project to be completed by the end of 2020.

It was estimated that in its lifetime, the project could create about 150 jobs.

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