International mining giant Vale has announced its plans to fund a new $US875 million for a new coking coal mine in Queensland.

 

Subject to regulatory approval, the Eagle Downs coal project would be a joint venture with Australian company Aquila Resources.

 

The announcement by Vale will bring the total value of investment in resources and energy projects to $430 billion.

 

In partnership with Aquila Resources, Vale is already working on the expansion of the Integrated Isaac Plains project and considering a further major coal new project, also in Queensland. 

 

The project is expected to generate around 400 jobs when operational.