November 11, 2020 Read More →

Documents show Adani never scrapped plans for huge Queensland mine

Exec Review:

Documents released by the Queensland government suggest Adani never scrapped its plans to eventually build one of the world’s largest coalmines in central Queensland, despite the company’s public statements the Carmichael project had been drastically scaled back.

Guardian Australia has obtained the current version of the “later development plan” for the Carmichael mine – a document required to be filed with Queensland mining authorities under state law – which clearly says that Adani’s long-term plan is to ramp up production to 55m tonnes per year.

Adani had initially planned a massive 60m tonne mine but in late 2018 the company announced it would build a much smaller version – initially exporting 10m tonnes a year, with annual production ramping up “over time” to 27m tonnes.

Tim Buckley, energy analyst from the Institute for Energy Economics and Financial Analysis, says the landscape has shifted dramatically in past months, as China, Japan and South Korea have each announced aggressive plans to transition energy production to renewables and 142 globally significant financial institutions now have formal coal divestment policies.

Global corporate leaders are likewise aligning with the Paris agreement, with Toshiba and Siemens Energy both announcing overnight immediate exits to new coal power plant development work.

Buckley said the notion the coal price would now return to a boom-bust cycle was “extreme wishful thinking.”

[Ben Smee]

More: Documents suggest Adani retained long-term plan to build Australia’s biggest mine

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