The Queensland Government is pushing for a $16 billion coal development in the Galilee Basin.

The mine that would be the largest coal operation in Australia has gone to the Federal Government for approval after Queensland’s green light.

The Carmichael Coal Mine site is north-west of Clermont, and planned operators Adani say it will produce 60 million tonnes of coal each year. The project includes a 189-kilometre rail line, workers' accommodation and an airport.

Queensland Deputy Premier Jeff Seeney has welcomed the highly valuable project.

“The Carmichael project would not only be the largest coal mine in Australia but one of the largest in the world,” he said.

“But it would also be a vital project in opening up the hugely significant Galilee Basin.”

He says the streamlined Environment Department has been able to get such approvals happening more quickly.

“Projects that have languished for years in approvals are now being efficiently, yet rigorously assessed, signalling that Queensland is open for business,” Mr Seeney said.

But there has been some concern as to whether the money can actually be found.

Coal prices have kept dropping since Adani first bought the mining lease in 2010. The group is also carrying a $13 billion debt, which will make finding investors even more difficult.

“Clearly, market conditions have changed significantly since the lease was acquired, and that raises serious questions about exactly how they are going to raise the money needed to finance the project,” Bhavik Damodar, an analyst for KPMG India, told Fairfax Media on Thursday.

“Another problem is that this company, like many others in India, is significantly stretched financially, further adding to the pressure when it comes to financing the project.”

The Queensland Government is pushing for the project, keen for the injections of income and employment.

“The construction of the mine and rail components is expected to generate in excess of $500 million annually in direct and indirect benefits to Queensland's economy,” Mr Seeney said.

Adani will have to set up several agreements over groundwater and water bores quality with affected landholders, including the identification and provision of alternative water supplies.

The company will be made to publish water monitoring data and provide funding to assist a Galilee region water resource model.

The Carmichael coal project hopes to create up to 2,500 construction and 3,900 jobs when operational.