Multi-million dollar community foundation from ambreCTL
A multi-million dollar foundation to support community development, funded by royalties from proposed coal-to-liquids project ambreCTL, will be established by Ambre Energy, potentially injecting $80 million into local communities.
Ambre Energy Director Corporate Development, Michael van Baarle, said the foundation would enable the company to invest in projects and initiatives that were valued by communities surrounding the project.
“We propose allocating around $2 million each year, or up to $80 million over the estimated life of the project, to this initiative.
“Based on our current estimates, this equates to a voluntary contribution by Ambre Energy of $2.20 for every kilolitre of unleaded petrol sold from ambreCTL,” he said.
Mr van Baarle said the foundation would fund improved community services and infrastructure in the eastern Darling Downs region south of Toowoomba, including the Felton and Back Plains districts, and towns such as Pittsworth, Clifton and Cambooya.
He said independent analysts, ACIL Tasman, had predicted healthy economic benefits from ambreCTL in terms of direct and indirect jobs, a $20 billion stimulus to local economies and a significant 0.68% increase to Australia’s gross domestic product.
“We believe that the economic benefits from ambreCTL should directly impact as many people as possible, not just those employed in construction or operation, or those supplying goods and services.
“If a local school gets new equipment, the carer of a handicapped child gets regular respite, or a town has a new community hall built then everyone will share in the prosperity that a large project brings to a region.”
Mr van Baarle said the foundation would target projects initiated or requested by local communities.
“Governance arrangements for the foundation cannot be finalised until the project is approved, which is anticipated to be mid-2012.
“However we expect that a Board, comprising representatives from government, local communities and Ambre Energy, will oversee the investment program.”
He said criteria would be developed and published, enabling stakeholder groups, including not-for-profit organisations, to apply for funding consideration on an equitable basis.
“During the past six months, Ambre Energy has continued to progress technical development of ambreCTL. We have received outstanding results from commercial-scale gasification testing in China, demonstrating the suitability of local coal for our process.
“At this stage, we are anticipating advice from the Queensland Government on our application for a significant project declaration,” Mr van Baarle said.
ENDS
Media contact: Matt Adams 0488 289 088
