[AU] Adani will soon fund the Carmichael coal mine itself
12 replies, posted
https://www.afr.com/news/politics/adani-close-to-pulling-trigger-on-scaledback-2-billion-carmichael-mine-20181031-h17cbo
Adani close to pulling trigger on scaled-back $2 billion Carmichael mine
Indian energy giant Adani is weeks away from pulling the trigger on its controversial Carmichael mine in Central Queensland after scaling back its size and scope to convince banks to finance the project.
The scaled-back mine is now expected to create 1500 direct jobs for the construction of the mine and railway, as well as initiating production of the mine in the Galilee Basin, which is about 400 kilometres from the coast. This is a long way from the 10,000 jobs that had been touted for the project in previous incarnations.
Mr Dow would not be drawn on the announcement of the final investment decision for the project, but it is understood it could be within weeks. Adani wants to control the timing of the announcement and give it the green light before the end of the year to avoid being dragged into next year's federal election.
Adani was front and centre of Queensland's state election campaign late last year, when the Palaszczuk Labor government announced it would veto any loan for Adani from the federal government's $5 billion Northern Australia Infrastructure Facility.
The decision delivered yet another hurdle for the Carmichael mine which has also been slowed down by a raft of legal challenges over its environmental and mining approvals.
Adani's move to locking in the finances for the Carmichael mine will delight key pro-coal supporters in the Morrison government including Resources Minister Matt Canavan. The Palaszczuk is keen for new jobs in regional Queensland, but it has said the Adani project must stack up on its own, with no government hand-outs.
Fuck Adani, this 2 billion mess will be killing blow to the Great Barrier Reef all so we can export more coal to India further worsening our global climate crisis. If you haven't already it might be a good time to send a letter to your MP as Labour has so far been dragging their feet on this issue.
Stop. Just Stop. Fucking no-one wants your mine Adani.
Fucking bulldoze the Great Barrier Reef while you're at it you bastards
They should have been paying for every cent from the start. The government should not subsidise industry.
get the fuck out of australia you dog cunts, i fucking hate adani
the 2 main parties are okay with them building the mine, but labor has a better chance of changing their minds than the liberals do.
lol tell that to the --previous-- car industry we had.
Bailout city right there.
wont happen, just like labor will not overturn penalty rate cuts when they get in.
I did. If industry can't survive on it's own legs it shouldn't receive any subsidy.
What are you basing that off? Labour has promised to reverse penalty cuts if elected, and I'd imagine the part backed by trade unions would be pretty keen on working in worker's interests. While Labour definately has been quiet if not supprotive of the mine, they are much much more likely to give into voter demands about it then the coal funded Liberal party,
I have zero faith that it will be reversed, total crock of shit. Election promises like that are made to be broken. Its in nobodies interest in politics to reverse the decision, it will die down and they will let it blow over and it will become the norm.
The mine is here to stay, both parties are complicit because of the substantial economic benefit this mine will bring at the detriment of public opinion and the environment.
I dislike coal power but I want to clear up this notion that production based industries shouldn't be subsidized.
Mining and manufacturing are subsidized heavily by every government ever due to old ideas about statecraft and self sufficiency. I hate to interject the U.S. into everything but the military industrial complex we have is what keeps a good chunk of manufacturing jobs still around and the rare earth metal market is just now getting tons of government funding due to china showing its ace in the hole like a moron because we were blind to the fact that REM's are magical minerals of whimsy and what have you.
Production jobs and markets will always be subsidized in one way or another because of the self sufficiency argument and due to them being hard to start but also massive money makers for the state when the ball gets rolling.
The Labor party recieves a good deal of funding from trade unions, it is definately in their interests to keep that funding and uphold the rights and the quality of life of workers. Federal Labor has also stated that is prepared to revoke Adain's licence which implies to me that they would be more willing to give into public demand about the issue, long before the Liberals would even think about it.
That's the thing, they are more likely to do it, but they won't. Not unless there's protests, which there won't be. It wont be a hot topic of discussion and it will be forgotten about, as with most of the shit that gets pulled in Australian politics.
Labor will 100% reverse the penalty rate cuts if they win the next election. Ban me if they don't.
It makes zero sense that they wouldn't follow through with that promise, seeing as the ACTU has been chucking a shitfit over the cuts since day one and Labor can point to tax cuts on small businesses as an offset. Bill Shorten's a former Union man, he wouldn't jeopardise Labors relationship with the peak union body over something as clear cut as this
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