Premier Annastacia Palaszczuk said the agreement with Adani meant a boost for regional jobs and the Queensland economy while ensuring strict environmental protections – such as not dumping dredge spoil in the Great Barrier Reef Marine Park and Caley Valley Wetlands remained in place.

“The agreement with Adani adheres to the principles in the resources framework we outlined at the weekend,” Palaszczuk said.

“Every cent of royalties will be paid and any deferred royalties will be paid with interest.

“This is about delivering jobs and getting those royalties so we can continue to invest in frontline services, infrastructure and renewables.”

The agreement with the Queensland government meets Adani’s expectations and requirements, Adani Australia said in a statement. 

Adani chairman Gautam Adani said the agreement showed a strong commitment by the state government to the project and was a benchmark decision to take this project forward. 

“I thank the Premier, Annastacia Palaszczuk, and the elected members of the State for their continued support to make this happen,” he said.

“I also wish to thank the Prime Minister Malcolm Turnbull, and Opposition Leader Bill Shorten, for their support for the changes to the Native Title Bill.”

The royalties arrangement means the project is back on track to generate 10,000 direct and indirect jobs in regional Queensland. 

The Adani parent company board will consider the Final Investment Decision at its next board meeting.

The project involves a Phase One mine production of 25 million tonnes per annum, and construction of a 388km standard gauge open access, common user rail line. Peak mine production in later phases will rise to 60Mtpa.

To accommodate that later stage mine production, Adani will also expand the capacity of its owned and operated bulk coal port facility at Abbot Point near Bowen in North Queensland from 50Mtpa to 120Mtpa.

Federal Resources minister Matt Canavan said all major political parties were now on board with the Carmichael mine.

“I welcome the fact that belatedly, the Queensland government has sorted out their internal ructions and divisions and are now fully behind the project, signing a deal last night with Adani to proceed with the project on a royalties arrangement,” he said.

“And the Queensland Government has confirmed that they will play their role in regards to any funding from the Northern Australia Infrastructure Facility.

“We now need to get on with the job.”

One of the few things that remains is for the NAIF to decide whether it is going to loan the project $1 billion.