Doubts about Galilee Basin
Sydney- “Greenpeace has released analysis that it says shows plans to develop one of the world’s biggest coalmines in Queensland’s Galilee Basin are in doubt because its proponent cannot afford it.
Indian conglomerate Adani has too much debt, its main business is not turning a profit, and its planned Carmichael mine scheme is ‘uncommercial’, according to a report by the Institute for Energy Economics and Financial Analysis commissioned by the environmental group.
Author Tim Buckley, a financial analyst, told the ABC that Adani was “betting the entire company on their Australian foray into opening the Galilee”….
Queensland Resources Council chief Michael Roche told a conference in Brisbane on Monday the industry was struggling in the wake of falling coal prices.’ We’re seeing the perfect storm of a collapse in coal prices, a stubbornly high Australian dollar and very high costs,’ he said.
Adani’s project is vying for Galilee coal with Clive Palmer’s Waratah Coal and a tie-up between GVK and Hancock, the mining company owned by billionaire businesswoman Gina Rinehart….”
Mark Solomons and Jake Sturmer, ABC News
Related articles:
- Galilee Basin coal struggles against high debt and falling markets, ReNew Economy
- Greenpeace questions viability of Indian company to develop huge Queensland coal deposits , Yahoo News
- Greenpeace-commissioned report slams plans to develop world’s largest coal deposit, Mining.com
- Greenpeace-commissioned report: Basin plan is uncommercial, Whitsunday Times
