Vitrinite founder and managing director Nick Williams said the company was a private, family-style business, which had succeeded in Australia alongside some of the world's largest companies.
"We started off small, but what began as the dream of a few, young entrepreneurs has evolved to a stage where we're creating at least 150 full-time jobs, which will lead to more indirect jobs, and can make a significant contribution to the state economy," he said.
"We are a family business, and we want to continue how we've started, to create a company that supports family and makes people a keystone of every business function.
"When planning the Vulcan mine, and everything we do, we also put a very large focus on minimising our environmental impact, to ensure we'll leave this land better than we found it for future generations.
"We have implemented plans to minimise water usage, reduce overburden movements, use innovative technologies and conduct progressive rehabilitation beyond our statutory requirements, so we take our environmental responsibilities very seriously.
"While this is good policy for the environment, it also translates into good business practices that will allow us to maximise the value of these resources for all Australians."
Queensland resources minister Scott Stewart congratulated Vitrinite on its project, which was expected to create about 150 jobs.
"The project shows ongoing investor confidence in Queensland's world-class resources, infrastructure and skilled workforce," he said.
Queensland Resources Council CEO Ian Macfarlane said Vitrinite had successfully explored the region, which led to the discovery of premium, high quality metallurgical coal seams and the proposed development of a project with total mine life of 15 years and the creation of 150 jobs.
"During this four-year period, Vulcan will contribute an estimated $170 million in royalties to the Queensland budget which will be used to fund essential health, education and infrastructure projects," he said.
"On top of that, the project will contribute millions of dollars to the Queensland economy through taxes and the uptake of goods and services."
Macfarlane said the community could be confident the Vulcan project had undergone rigorous regulatory assessment to establish its environmental credentials before having its mining lease approved.
"Queensland is widely regarded as having the strictest environmental regulations in the world, which our industry is fully committed to complying with, along with our determination to lower carbon emissions and implement sustainable mining practices," he said.
"The Vulcan Complex mine project is also the first resources project in Queensland to have its Progressive Rehabilitation and Closure Plan approved under new legislation introduced in 2019.
"A PRCP commits mine operators to progressively rehabilitating land while the mine is operating and returning the land to its pre-mining use at the end of the project, which in this case is low-intensity cattle grazing."
