February 6, 2019 Read More →

IEEFA update: Even as forecasts signal decline in global thermal coal markets, Australia courts new mines

pv magazine:

Australia continues to blindly court local and multinational mining companies with one of the largest untapped thermal coal deposits in the world, despite the global pipeline of new coal-fired power plants continuing to shrink and global warming becoming blatantly obvious due to extreme record-breaking weather events.

Beneath the Galilee Basin in Central Queensland, Australia, is a 500 km-long measure of low energy, high ash coal which six mining entities want to get their hands on, including Adani’s proposed Carmichael mine, the Chinese Meijin Energy Group MacMines’ China Stone, Hancock Prospecting’s Alpha, Alpha West and Kevin’s Corner, the South Galilee Coal Project (SGCP), Australian businessman Clive Palmer’s long delayed China First, and Resolve Coal’s Hyde Park proposal.

An Australian government politician, the Greens Senator for Queensland, Larissa Waters introduced a bill to Parliament on 5 December 2018 prohibiting any thermal coal development of the Galilee Basin, prior to mining licences being issued (Adani has been issued a mining lease although it is the only one).

Currently open for consultation, IEEFA notes the Galilee Basin (Coal Prohibition) Bill 2018 is consistent with global coal forecasts, the shrinkage of the global pipeline, and the movement of global financial institutions away from thermal coal.

IEEFA update: Even as forecasts signal decline in global thermal coal markets, Australia courts new mines

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