Adani fights on to finance Carmichael Mine in Queensland

Adani fights on to finance Carmichael mine in Queensland

Queensland’s Galilee Basin development roadblocks do not dampen Adani’s resolve to develop its Carmichael mine

In a recent ABC news article the question of how Adani can finance its $16 billion Carmichael mine in the Galilee Basin was back on the table, as major finance institutions block the flow of funds.

It’s no secret the Indian power and energy conglomerate Adani has faced a herculean uphill battle to develop its coal assets in Queensland. With the mine being located hundreds of kilometres from the ship loading facilities at Abbot Point, the question of developing the mine infrastructure was always going to be a tough one.

The disruption to agricultural land and farming processes and the big question of the impact of the mine on the surrounding water table have dogged the project from day one.

Not only that, the question of how to finance such a massive coal mining project has been at the top of the list for Adani and it’s management team.

The resolve of Adani to get the Carmichael mine off the drawing board to a stage where it becomes a physical reality has been staggering. Most other companies would have curled up and walked away . . . but not Adani.

With their focus on the millions of Indians who struggle every day in squalid conditions, devout of electricity; Adani in collaboration with the Indian government have a goal to lift the Indian population out of the ‘poverty trap’ to create a better economy and once again establish their nation as a global powerhouse.

Major banks ‘dummy spit’ won’t affect Carmichael mine financing

The proposed $16.5 billion Carmichael coal mine and the Abbot Point port is situated on the lip of the Great Barrier Reef, which is a world heritage listed location. Environmental groups have been lobbying governments all over the world to stop the development of the mine and the port fearing the impact on the Great Barrier Reef . . . and rightly so.

US banking groups Goldman Sachs, Citigroup and JPMorgan Chase this week joined other global banks who have ‘blackballed’ the project by refusing finance. Pressure from environmental groups has forced these decisions, as the impact of supporting projects that could threaten conservation areas could have a devastating effect on its existing customer base.

However, Adani, says the decisions of these banks doesn’t really matter as it has not sought funding for the project from any of the banks who have effectively ‘spat the dummy’.

Australians support development of Adani project

While the potential impact of the Abbot Point development on the Great Barrier Reef has prompted significant local and international opposition, the project is well supported in the nearby town of Bowen.

Mayor of the Whitsunday Regional Council, Jennifer Whitney, said the people of Bowen are excited about the prospect of around 10,000 jobs that would be created in the region.

“confident the development will go ahead as planned”

‘This is a very significant project and something they are looking forward to seeing eventuate,’ Cr Whitney said. Cr Whitney said she is confident the development will go ahead as planned.

Adani has assimilated itself in the community very well and even conducted a ‘very positive’ public information session earlier in the month on the state of the Carmichael mine project.

A spokesperson from Adani said the approvals process for the expansion of Abbot Point ranks among the most rigorous and stringent ever applied in Australia, the USA or the rest of the world.

“Adani’s expansion plans at the port of Abbot Point, involving the construction of a new Terminal (T0), are the subject of existing environmental approvals from the federal government. The terminal is not in a World Heritage Area,” an Adani spokesperson said.

“$22 billion in taxes and royalties”

Adani can help create 10,000 mining jobs for Queensland, with increased opportunities for small and medium sized suppliers, as well as $22 billion in taxes and royalties to be invested back into the state.

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