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Clive Palmer says he will back up his plans to mine Queensland’s Galilee Basin with a new $1.54 billion coal-fired power station.

The former MP on Monday announced plans to build a 700 megawatt power station to support his mining interests in the coal-rich region, under a mining lease held by his company Waratah Coal.

‘I am putting my money where my mouth is by announcing this new station so we can power Queensland and help bring down energy costs, which continue to escalate,’ Mr Palmer said in a statement.

‘The Galilee Power Station will be developed as a contingent component of the overall (Galilee Coal Project), providing the power needs for the mine operations, coal transportation and port operations, ready for export coal to Gladstone and future power needs for our proposed North Galilee coal mine development.’

Waratah Coal, a subsidiary of Mr Palmer’s company Mineralogy, is seeking to amend a draft Environmental Authority to include the power station.

Mr Palmer says construction will get underway in June 2020 and be ready to provide power to his projects from December 2023.