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Galilee Basin, Queensland, AU
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IEEFA
The Guardian: Another major insurer that was providing cover for the Adani Carmichael coalmine project in Queensland has said it will not be renewing policies with the coal project. Aspen Insurance is the fourth of Adani’s underwriters to walk away from the major mine and export rail project currently being constructed in the Galilee basin. […]
Tim Buckley
Adani Group could show global leadership and walk away from its long stalled Carmichael mine
The Adani Group is today one of the most powerful business conglomerates in India, spanning six listed entities across a growing multitude of activities. The group is unusual in that it is entirely, sensibly, almost entirely focused on one country, India. Internationally, this conglomerate operates only two businesses of any note – one thermal coal mine […]
IEEFA
Australian Broadcasting Corporation: Professor Sandra van der Laan casts her eyes over the complex corporate structure for Adani’s Australian operations. “It looks to me like a corporate collapse waiting to happen,” she says. “It has all the hallmarks of the big corporate failures we’ve seen over the last 20 to 30 years.” Professor van der […]
IEEFA
The Guardian: The federal government will have to reassess water infrastructure for Adani’s Carmichael coalmine after conceding in a legal challenge that was lodged with the federal court. The Australian Conservation Foundation has succeeded in its appeal against the government’s assessment of Adani’s north Galilee water scheme, with the federal government admitting it failed to […]
IEEFA
The Guardian: The backer of a massive coal proposal in the Galilee Basin, adjacent to Adani’s Carmichael mine site, has quietly abandoned its plans amid growing doubts about the long-term profitability of Australian thermal coal exports. The ABC reported this morning that the proponents of the $7bn China Stone mine had withdrawn their application for […]
IEEFA
Financial Times: Australia’s largest rail freight operator withdrew an application for a A$1bn (US$777m) state-backed loan on Friday to build a rail line to support development of the Galilee Basin, one of the world’s largest untapped coal reserves. The decision by Aurizon represents another setback to Indian mining groups, Adani and GVK Hancock, which are […]
IEEFA
Macrobusiness Australia: The justification behind the proposed $1 billion concessional loan from Australian taxpayers to Adani to build the Carmichael coal project has taken another hit today with reports that India’s appetite for coal is waning. From The Australian: “In the last two years, coal consumption has slowed to its lowest level in two decades, […]
Tim Buckley
‘Defer, Delay and Pray’ Appear to Be the Unspoken New Watchwords for the Company That Would Build the Carmichael Coal Project
Gautam Adani, the chairman of the Indian conglomerate Adani Group, has long argued that the Carmichael coal proposal in the Galilee Basin of Australia is a key part of his company’s “integrated pit-to-plug strategy.” The Adani logic for the Carmichael project assumes that the traded price of seaborne thermal coal is irrelevant to the commercial […]
Tim Buckley
Further Evidence That a Mine Proposal Is Unbankable
In saying that it has deferred its investment decision on its Australian Carmichael coal proposal because the Queensland Government hasn’t granted it yet another subsidy, Adani Enterprises is demonstrating once more that the project is unbankable. We’re not aware of a single private financial institution that has endorsed the proposal, which suggests to us that […]
IEEFA
Australia Financial Review: New Aurizon boss Andrew Harding gets a chance this week to remind the broader investment community that the debate about how to pay for a big new Queensland coal railway is more complicated that whether or not Commonwealth can see its way to lending $1 billion to an Indian billionaire. Adani has, […]
IEEFA Update: An Increasingly Cursed Australian Coal Project
Bad Financials, Weak Markets, Policy Headwinds, Social-License Issues, Transparency Questions, Climate Risk: The Many Afflictions Hobbling the Proposed Carmichael MineIEEFA has released an update today on Adani’s long-festering coal mine project in northern Queensland that plumbs the depths of the Indian conglomerate’s financials and finds them vastly insufficient for the supposed job at hand. Our report— “Adani: Remote Prospect: Carmichael Status Update 2017”—follows on previous work we’ve done around what would be the biggest new coal […]