Australia's biggest ever coal mine will go ahead, according to Indian billionaire Gautam Adani, whose company has made the final investment decision to "green light" the controversial Carmichael project.
In a statement released by the company on Tuesday morning, Adani said it had signed letters of award for design, construction, operations, supply of materials and professional services, with Downer Mining chosen to build and operate the Carmichael mine located in Queensland's Galilee Basin.
Mine games
You would think Adani would have given up on Australia's biggest coal mine by now. Artist: Matt Davidson
But the Stop Adani Alliance, made up of 20 environment groups, immediately called the Adani announcement a "con" because the company has been unable to secure the finance it needs to actually start mining.
There was no detail in Adani's statement on Tuesday about finance.
Stop Adani Alliance spokesman Geoff Cousins, who is also president of
the Australian Conservation Foundation, said it was "groundhog day"
because the company had announced other "investment decisions" over the
past six years.
"Adani is yet to lure any financial institutions willing to bankroll the project, which is proving hugely unpopular with the Australian public. Without this support and public subsidies, the heavily leveraged balance sheet of Adani Enterprises leaves no internal capacity to fund this $5 billion project proposal," Mr Cousins said.
"If the federal government hands Adani $1 billion of public money for this destructive mine that will destroy our reef, we will consider all avenues, including legal action, to stop it."
Construction of the mine, which could eventually entail six open cut pits and five underground mines over an area 30 kilometres long, has been bitterly opposed by the coalition of environment groups who say it makes a mockery of global efforts to reduce carbon dioxide emissions.
The company has said it plans to mine 2.3 billion tonnes of coal over the mine's 60 year lifespan.
Mr Adani said: "This is an historic day for Adani, an historic day for regional Queensland, and an historic day for Indian investment in Australia.
"This is the largest single investment by an Indian corporation in Australia, and I believe others will follow with investments and trade deals.
"We have been challenged by activists in the courts, in inner city streets, and even outside banks that have not even been approached to finance the project. We are still facing activists. But we are committed to this project."
Links
You would think Adani would have given up on Australia's biggest coal mine by now. Artist: Matt Davidson
But the Stop Adani Alliance, made up of 20 environment groups, immediately called the Adani announcement a "con" because the company has been unable to secure the finance it needs to actually start mining.
There was no detail in Adani's statement on Tuesday about finance.
 |
| The Adani mine would be one of the world's largest. Photo: Darren Pateman |
"Adani is yet to lure any financial institutions willing to bankroll the project, which is proving hugely unpopular with the Australian public. Without this support and public subsidies, the heavily leveraged balance sheet of Adani Enterprises leaves no internal capacity to fund this $5 billion project proposal," Mr Cousins said.
"If the federal government hands Adani $1 billion of public money for this destructive mine that will destroy our reef, we will consider all avenues, including legal action, to stop it."
Construction of the mine, which could eventually entail six open cut pits and five underground mines over an area 30 kilometres long, has been bitterly opposed by the coalition of environment groups who say it makes a mockery of global efforts to reduce carbon dioxide emissions.
The company has said it plans to mine 2.3 billion tonnes of coal over the mine's 60 year lifespan.
Mr Adani said: "This is an historic day for Adani, an historic day for regional Queensland, and an historic day for Indian investment in Australia.
"This is the largest single investment by an Indian corporation in Australia, and I believe others will follow with investments and trade deals.
"We have been challenged by activists in the courts, in inner city streets, and even outside banks that have not even been approached to finance the project. We are still facing activists. But we are committed to this project."
Links
- Queensland Says It Won't Play Any Role In Funding For Adani Project
- Federal Labor Feels The Heat Over Adani, And Coalition Is Sweating Too
- New Coalmines Will Worsen Poverty And Escalate Climate Change, Report Finds
- Just 7 Per Cent Of Voters Want The Government To Invest In Adani Mine: Poll
- Queensland Government Offers Adani Mining Group A 'Royalties Holiday' That Could Cost State $320 Million
- This Is Not Rhetoric: Approving The Adani Coal Mine Will Kill People
- Climate Council: Climate, Health And Economics Are Against Carmichael Mine
- Adani May Face Fine Over Sediment Released In Floodwaters After Cyclone Debbie
- Westpac's Anti-Coal Stance Exposes A Coalition Out Of Sync With Business And Public On Climate
- Big Four Banks Distance Themselves From Adani Coalmine As Westpac Rules Out Loan
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