Coal baron Chris Wallin hopes for better treatment under new Queensland Premier Crisafulli
Reclusive billionaire Chris Wallin says he shifted investment away from Queensland over the past two years because of the former Labor government’s disdain for mining.
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Coal baron Chris Wallin says he shifted investment away from Queensland over the past two years because of the former Labor government’s “disdain for mining” and hopes the industry receives fairer treatment under newly elected premier David Crisafulli.
The reclusive billionaire has just pocketed $400m in fully-franked dividends from his Queensland coal mining operations, according to documents lodged with the corporate regulator.
Mr Wallin’s private company, QCoal, made a net profit of $298m in 2023-24, down from $444m last year as prices softened for the coking and thermal coal produced from its mines in the Bowen Basin.
QCoal also noted it had paid out more than $1bn in royalties, taxes and levies in the past two years, including $470.5m in 2023-24.
The $400m dividend payment follows a payout of $375m in 2022-23 for the Rich Lister, who founded QCoal in 1989.
Mr Wallin’s criticism of the former Labor government echoes concerns raised by mining giant BHP about Labor’s super-profits coal royalties scheme and BHP’s warning that it would prefer to invest in other jurisdictions, including Chile and Canada, unless there were policy changes.
Mr Wallin campaigned against Labor after it changed the law last year to force QCoal’s Byerwen mine to shut down its accommodation camp and shift all workers to the nearby town of Glenden by 2029. In response to questions from The Australian, QCoal said Mr Wallin had looked to “more investor-friendly markets” in recent times because of policy settings in Queensland.
“He has always returned profits back to the business and the local operations. He has had a strong focus on reinvesting in Queensland,” QCoal said.
“Unfortunately, the disdain of the mining sector, and coal mining in particular, held by the previous Queensland Labor government, and the lack of consultation on decisions like the increase in royalties and the forced closure of the Byerwen mine workers’ camp has meant he no longer felt confident investing in Queensland.
“Instead, he had focused, over the last two years, on more investor-friendly markets, such as Western Australia.”
The scale and scope of the investments in WA is unclear. Through subsidiary company QGold, Mr Wallin is known to have invested in two WA-based junior exploration companies, Carawine Resources and Venus Metals.
The former chief coal geologist in Queensland shuns the spotlight but felt compelled to campaign against Labor out of concern for the industry and the Byerwen workforce.
Mr Wallin said he was proud of the success of the tellthemwheretogo.com.au campaign launched by QCoal in April. The LNP claimed victory in all but one of the regional seats targeted by the pro-mining campaign.
“A comprehensive win by the LNP means a return to a Queensland government which actually values coal mining and understands the importance of the hundreds of thousands of people across the state who rely on the mining industry,” he said in a statement issued by QCoal.
Mr Wallin said Labor’s rejection by regional Queensland showed how much it had forsaken in “chasing the green votes in central Brisbane”.
“I am particularly proud of the role QCoal played in directly impacting the state election through our tellthemwheretogo.com.au campaign,” he said.
“The results from Saturday night were unequivocal. The LNP won every seat our campaign focused upon, except one,” Mr Wallin said.
The campaign by QCoal and its partners in Energy Resources Queensland, including McMahons, JFE and MPK, focused on seats where mine workers and their families live.
Mr Wallin was the key figure behind Energy Resources Queensland, which was registered with the Electoral Commission of Queensland as an official third-party organisation.
He was outraged when Labor tacked shock legislative amendments affecting the Byerwen workers’ camp on to the end of an unrelated child protection bill in a move not foreshadowed with QCoal.
The amendments came amid a “Save Glenden” campaign by then-local mayor Anne Baker and the tiny town built in the 1980s to house workers at the Newlands coal mine that was shutdown by Glencore in 2023.
Ms Baker stood for the local seat of Burdekin but the seat was retained by the LNP resources spokesperson Dale Last with latest counting showing an 8.8 per cent swing in his favour.
QCoal said the intent of the “secret” legislation introduced by Labor was to force Byerwen to close its mining camp and move its 800-strong workforce to Glenden, a 40-minutes bus ride from the mine.
“While QCoal expects to maintain support for Glenden in the future, giving workers the choice of where they live and maintaining the excellent Byerwen camp are fundamental to the future of the mine,” Mr Wallin said.
“There are no guarantees in politics, but I am confident that we can work with the LNP state government to ensure the Byerwen workforce no longer faces the unfair discrimination it received under Labor, and once again give our workers a choice of where they live.”
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