A new consortium has been formed in Queensland with a memorandum of understanding (MoU) to build a green ammonia corridor between Australia and Korea.
The Australian mining company Ark Energy will develop the Collinsville Green Energy Hub south-west of Bowen with a potential renewables generation capacity of up to 3GW.
The Han-Ho Hydrogen Consortium will be formed by Ark Energy and its parent company Korea Zinc as well as Korean conglomerates Hanwha Impact and SK Gas.
The consortium will develop a supply chain to export 1 million tonnes of green ammonia per year from Australia to Korea by 2032.
The three Korean companies will be “major players” in Korea’s green hydrogen economy with a forecast demand of more than 2 million tonnes of green ammonia per year from 2030, according to Korea Zinc vice chairman, Yun B Choi.
Annastacia Palaszczuk, premier of Queensland, said: “Korea is Queensland’s third-largest two-way trading partner and one of our largest sources for foreign investment.
“The world’s largest zinc producer Korea Zinc is a longstanding important contributor to our regional economy, and through the Sun Metals Corporation, is the largest private sector employer in North Queensland.”
Queensland continues to attract large-scale renewable and hydrogen projects after Palaszczuk launched the ‘Queensland Renewable Energy and Hydrogen Jobs Fund’ last year with an investment of AU$2 billion (US$1.33 billion).
Last December, Spanish utility Acciona Energia signed an MoU with state-owned energy company Stanwell Corporation to develop a 3GW green hydrogen facility in Queensland powered by solar PV. Earlier this year, Australian mining magnate Andrew Forrest’s Squadron Energy announced a AU$3 billion investment in a renewables hub.
Korea Zinc set up its Australian subsidiary in 2021 to accelerate its energy transition starting with a zinc refinery in Townsville, Queensland, with a 124MW solar farm to produce green hydrogen.
The Australian mining company followed its growth in renewables with the acquisition of solar and wind developer Epuron with a portfolio of 4.2GW of early-stage development projects.