GVK Hancock has been granted an Environmental Authority (Clearance) for its Alpha Coal Project in the Galilee Basin in Central Queensland.

The grant of this Environmental Approval represents one of the most extensive and rigorous processes that went into the environmental assessment of GVKs proposed Alpha mine, which included around 300 collaborative scientific studies, involving over 500 specialist consultants.

Commenting on the development, GVK Reddy, founder chairman and MD, GVK, said, ''This is one of the most significant milestones in the development of our Galilee Basin coal projects till date which will create one of the most remarkable pieces of regional and economic developments Queensland has seen for decades.''

The scientific rigour that has gone into the environmental assessment of this Alpha Coal Project has received approval from the State and Federal governments and GVK further plans to meet every environmental condition that has been set by regulatory authorities.

This milestone takes us another step closer towards commencing our proposed Alpha mine, which will create around 4,000 jobs during its three year construction and more than 1,800 jobs over its 30 plus years of operation. Weve invested tens of millions of dollars and thousands of man hours assessing, planning and engaging with communities to reach this stage, shared G V Sanjay Reddy, vice chairman, GVK.

Shares of the company gained Rs 0.55, or 5.66%, to trade at Rs 10.27. The total volume of shares traded was 1,283,457 at the BSE (2.17 p.m., Thursday).