THE government has approved a new $50 million coal mine in the Fingal Valley, which is expected to create up to 100 jobs.
Resources Minister Bryan Green approved the HardRock Coal Mining development this week.
Mr Green said construction was expected to begin later this year, creating 80 jobs, and the mine would be operational within three years.
``This is a very significant investment and clearly demonstrates that Tasmania is open for business,'' he said.
``The project will not only bring valuable investment and jobs to the Fingal Valley it will also have enormous flow on benefits for the North East region and the broader Tasmanian economy.''
Mr Green said the mine was expected to be worth $180 million a year to the Tasmanian economy once fully operational, and create a 40 per cent increase in rail traffic and a 30 per cent increase in freight through Bell Bay port.
Royalties alone are expected to be worth $6 million.