Adani believes coal will be the cheapest source of energy for decades to come
A recent article in the Australian Financial Review has stated the owners of the proposed Galilee Basin mega-mine, Adani, are looking to make a final decision on the $16.5 billion Carmichael Mine at some stage before the end of the year.
The owners of the Adani Carmichael mine say they believe coal will be the most cost-effective source of energy for decades to come.
As Adani also signed agreements with indigenous groups in the Galilee Basin which could deliver around $250 million worth of benefits to the traditional owners over the next 30 years.
“Coal is definitely the main source of energy ““ you can’t deny it. It’s growing every year no matter what anyone says,” Chief operating officer Samir Vora said in an interview.
“India is investing in new generation technology to make coal more efficient to bring down the carbon footprint. There is a balance for everything , however coal will undoubtedly remain the main source of fuel for decades.”
Although speculation runs high that Adani would not be able to finance the Carmichael mine development, Mr Vora said he was upbeat that funds would be ‘on tap’ once the final mining and dredging approvals were in place.
“Coal is a commodity which is always going to be cyclical so we should make sure we stay on the right side of the cost structure which is under our control. It is still challenging but we are still able to compete,” he said.
More mining jobs for local indigenous population
Adani has also signed indigenous participation plans with the Juru, Birriah and Jangga Aboriginal people as well as a memorandum of understanding with the Wangan and Jagalingou group.
The agreement will help facilitate a new era of jobs, training opportunities and business development opportunities for indigenous people over the life of the mine.
This ranges from environmental management at the Port of Abbot Point in far North Queensland and at the mine in Central Queensland, a potential bus service to the mine and training programs.
There is also a firm commitment for a target of some 7.5 per cent and a trainee target of 10 per cent for indigenous personnel.
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