Tag: adani australia

SBI in trouble from French investor, Amundi, over planned RS. 5000 crores loan to Adani


By SAT Newsdesk

MELBOURNE, 30 November 2020: The French giant Amundi has informed the State Bank of India (SBI) that it will withdraw its SBI green bonds if it goes ahead with its reported Rupees 5,000 crore loan to Adani Australia for its controversial coal mine in Queensland.

An IANS report published in India’s ‘Business Standard says: “We consider SBI should not finance this project. Ultimately it’s their decision but we’ve been extremely clear on the fact that if they decide to do it, we would immediately disinvest,” Director of the Institutional Corporate Clients Division & ESG, Jean Jacques Barberis, was quoted as saying by a global wire service.

“Financing the mine would be in “total contradiction” to the SBI activities financed through its green bond, he added.

“We have engaged SBI asking them not to participate (in the loan) and now we are waiting for their answer”, he was quoted as saying.

The proposed Adani coal mine in Queensland has been criticized by environment activists as being pushing the area into an environmental disaster.

Protests in Australia & globally to halt $1b SBI loan for Adani coal project


By SAT News Desk

MELBOURNE, 20 November 2020: Hundreds joined the StopAdani rallies across the country and around the globe today, calling on the State Bank of India to rule out an almost $1billion loan to Adani for the controversial Carmichael coal project in Queensland.

Indian media has reported that the state-owned bank is close to finalizing the $1billion loan, prompting a rapid response from climate campaigners across the globe who have opposed the proposed coal project for over a decade.

Rallies in Sydney and Melbourne were held at State Bank of India offices and at the Indian consulate in Brisbane and the Indian High Commission in Canberra. Campaigners delivered a letter from the investor action group Market Forces, calling on the state-owned bank to give assurances they will not use Indian taxpayers’ money to turbocharge global warming by supporting Adani’s coal project.

In Wellington, New Zealand campaigners hand-delivered a letter to the Indian High Commission and met with a representative to urge the Indian government not to support the state-owned bank’s loan to Adani’s coal mine.

In New York, USA campaigners hand-delivered a letter to the SBI office and met with the NYC State Bank of India Vice President to convey their concerns about the bank financing Adani’s coal project.

In Suva, Fijian campaigners hand-delivered a letter to the Indian High Commission, calling on them to stop the State Bank of India loan to Adani’s coal mine, which will worsen climate impacts in the Pacific.

In London, campaigners will deliver their message to State Bank of India offices on Friday morning London time, this evening Australian time.

As citizens rallied, youth climate strikers, climate action advocates, and prominent Professor of economics and former leader of the Liberal Party John Hewson publicly called on the State Bank of India to stand for climate action, not climate destruction, and rule out finance for the contested coal project.

Varsha Yajman, former School Striker and law student who addressed the Sydney rally, said “As a first-generation South-Asian Australian and school striker, I know what is at stake if the State Bank of India funds Adani’s climate-wrecking coal mine. It’s not just my future at risk, there are already millions of people impacted by climate disasters across India and Bangladesh. My family is from Bengaluru in South India, a place that used to be called the Garden City. That is not the case anymore. There has been a 60% decrease in rainfall over the past 10 years and the temperature has risen by almost 13% in the past 20. I worry about the impact of water crises and extreme heat on my family. As India battles the coronavirus pandemic, it is outrageous that public money should be given to a billionaire for a dangerous coal project. The State Bank needs to confirm that they are not involved in this loan.”

Dr. John Hewson, former leader of the Liberal Party, former Director of Macquarie Bank, and Professor in the Crawford School of Public Policy at the ANU said, “Adani’s Australian operations are already drowning in debt as financial institutions increasingly shun the toxic project which will have disastrous environmental impacts. Funding Adani’s climate disaster would be an extremely risky move, the economics of the project simply don’t stack up. Proper due diligence on this loan would reveal that any public loan to Adani’s coal project is an irresponsible idea. I recognize that State Bank may feel that they are operating in India’s national interest, but handing out public funds for Adani’s coal project would be risky given the urgent global need to reduce emissions, and especially for a project that is destined to become a stranded asset.”

Claire Galvin, a 19-year-old from North Queensland, said: “As a young Queenslander who’s grown up in Cairns, I’ve watched the Great Barrier Reef suffer back-to-back mass coral bleaching events, caused by climate change. If Adani’s coal mine goes ahead, it will lock in decades of carbon pollution and our Reef and the tourism jobs that rely on it will suffer. That’s why I’m taking legal action along with other young people in Queensland to challenge Adani’s national environmental law approval. The State Bank of India must rule out funding Adani’s coal project. At a time when India wants to phase out imported coal, it’s ridiculous to hand out public money to climate-wrecking coal mines.”

89 companies have committed to not supporting Adani’s coal project, including some of the world’s largest banks and insurers. The State Bank of India is now at risk of using public funds to finance a project the private sector has shunned, with Indian taxpayers footing the bill.

What’s there in a name: Rebranding ‘Adani Australia’ to ‘Bravus Mining & Resources’


By SAT Business Desk

MELBOURNE, 6 November 2020: The recent rebranding of ‘Adani Australia’ to ‘Bravus Mining & Resources’ is not a business first. Companies do rebrand themselves for this or that reason. The infamous gas leak in Bhopal, India from the Union Carbide pesticide plant on the night of 2-3 December 1984 killed and injured thousands. It was called the world’s worst industrial disasters. The plant lies in ruins till now and people’s suffering unabated. It remains a controversial issue even in 2020, as the effects of the environmental disaster are still unfolding and human misery continuing.

Naturally, the Union Carbide Corporation-UCC (American Company) which held majority shares in the Union Carbide India Limited (UCIL) faced many legal and financial issues for years and finally in 1999 UCC was sold to Dow Chemical, one of the big American and global chemical company.

Adani in Melb ddd
Gautam Adani, Photo-SAT/NN

So, a name that became infamous was changed. Most in the present generation do not know or may never know that UCC became Dow Chemical. But the Bhopal disaster was immortalised by its catastrophic consequences just like the Chernobyl nuclear plant disaster in the former Soviet Union. A name change has not erased the UCC/UCIL or the Chernobyl disaster (26 April 1986) and not forgotten memories despite the plant now being in another country – Ukraine.

Interestingly, few other Adani companies were renamed on October 8, 2020, says the Stop Adani, these are as follows:

- North Queensland Export Terminal Pty Ltd previously Adani Abbot Point Terminal Pty Ltd

- North Queensland Export Terminal Holdings Pty Ltd, previously Adani Abbot Point Terminal Holdings Pty Ltd

- NQXT Port Pty Ltd, previously Mundra Port Pty Ltd

- NQXT Holdings Pty Ltd, previously Mundra Port Holdings Pty Ltd

- NQXT Capital Holdings Pty Ltd previously Adani Australia Coal Terminal Finance Company Pty Ltd, MPPL Capital Pty Ltd

- NQXT Capital Pty Ltd, previously AAPT Capital Pty Ltd

Environmental and activist groups have reacted to ‘Adani Australia’ rebranding saying the legacy of breaking environmental laws, trashing traditional owner rights, destroying critical habitat for endangered species, threatening Queensland water and the Reef, or turbo-charging climate change cannot be hidden by a rebrand.

“The Australian people, banks, insurers and companies see through this weak attempt to clean up its dirty image and will continue to hold Adani to account for their destruction in Australia and India,” says a Stop Adani media release.

The Mackay Conservation Group coordinator Peter McCallum says, “People won’t be fooled by Adani’s attempt to hide behind a new name. Adani wants to arise like a phoenix from the ashes of its damaged corporate image, but that bird won’t fly. They can’t scrub away Adani’s track record of breaking Queensland laws, endangering the Reef, destroying Black-Throated Finch habitat, and intimidating the community. Dirt like that sticks.

“The Adani Group is still pushing to build the largest coal mine in Australia, so regardless of what they’re called, Adani’s Bravus will continue to burn us by turbo-charging dangerous global warming and driving worse bushfires in Australian communities. We won’t give up the fight to hold Adani to account for this.”

Christian Slattery, Australian Conservation Foundation campaigner says, “This latest marketing tactic by Adani shows just how removed from reality this company is. You can’t hide the truth behind a name invented by PR consultants.

“Adani knows its brand is toxic – which is why insurers, financiers, and other contractors continue to abandon it. Whatever the company is called, it will forever be known for fuelling climate change, bulldozing threatened species habitat, draining precious groundwater, and ignoring the rights of First Nations people.

“If this is the best idea Adani can come up with, then it shows the company is out of tricks.”

The new company is still an Adani Group Company, ultimately owned by Adani Enterprises and the Adani family.

In a statement Bravus Mining & Resources, CEO Mr. David Boshoff, says “The Stop Adani movement has tried unsuccessfully to prevent our business from operating in Australia, but the fact is there is ongoing demand for thermal coal in Asia and India,” and “the new Bravus name will become increasingly well-known as the brand rolls out over the next year in the lead up to the Carmichael mine becoming operational, and that the
business was on track to produce first coal in 2021.”

Adani Mining rebrands as Bravus Mining & Resources, coal production starts 2021

adani new name

By Neeraj Nanda

MELBOURNE, 5 November 2020: The controversial Adani Mining company developing the Carmichael Coal Project in Queensland has now a new name for its Australian mining business, Bravus Mining & Resources. Adani who has completed ten years developing the world’s biggest coal mine in Queensland is all set to produce its first coal in 2021. The project has faced the flak of environmentalists and faced many legal challenges.

In a media statement emailed to SAT today early morning, Bravus Mining & Resources, CEO Mr. David Boshoff, said now that construction of the Carmichael project was well underway, it was the ideal time to give Adani’s mining business its own Australian brand.

“Our 10 years in Australia has been a journey that has tested the resilience, skills, and determination of our people and has confirmed the depth of our commitment to regional Queensland.

“We have made a significant investment in Queensland and we will be here for the long haul employing local people and doing business in Australia,” Mr.Boshoff said.

“We are proud to be a dedicated Australian company that is part of the North Queensland community. We will continue to stand up and deliver for the good of our community, no matter how courageous it requires us to be, and Bravus, our new name, reflects this intent,” he said.

“Bravus is an Australian company. We operate under Australian law and will pay taxes and royalties here.”

“More than 1,500 people are currently employed on the Carmichael mine and rail project and more than $1.5 billion worth of contracts have been awarded. It is terrific that 88 percent of that work is being done right here in Queensland,” he said.

Claiming that their “high-quality coal would be part of the solution as the global energy mix transitioned to a low emissions future. Criticizing the Stap Adani movement, he said, it ” has tried unsuccessfully to prevent our business from operating in
Australia, but the fact is there is ongoing demand for thermal coal in Asia and India.”

“We have already secured the market for 10 million tonnes per annum of coal produced at the Carmichael Mine, which is focused on India and Asia,” he said.

In a separate statement, Adani Australia announced, the new brand name will be emblazoned on the North Queensland Cowboys’ 2021 season jersey sleeve. North Queensland Toyota Cowboys CEO Mr. Jeff Reibel said the Bravus platinum partnership was a win for the team and its fans.

Stop insuring Adani protests at Lloyd’s of London as Adani Mining welcomes projected exports to India

Insure out Future not Adani’s Coal protest at Lloyd’s of London.Photo: Stop Adani

By SAT News Desk

MELBOURNE, 28 October 2020: Adani Australia has welcomed the Minerals Council of Australia’s economic report from Commodity Insights released today which projects thermal coal imports to the Asia Pacific region rising by 275 million tonnes through to 2030, as faraway climate protests hit insurance giant Lloyd’s of London HQ to join #StopAdani online rally.

Campaigners delivered giant postcards bearing messages from Australians and Pacific Islanders calling on Lloyd’s of London to stop insuring the Adani coal project in Queensland Australia.

The action in London kicks off a global wave of protest this week to pressure Lloyd’s of London to follow the lead of 26 major insurance companies, including several Lloyd’s syndicates, and stop insuring Adani’s Carmichael coal project.

In a media release CEO of Adani Mining, Mr. David Boshoff said the report reflected Adani’s own projections, especially for India, which is expected to see thermal coal imports grow by 74 million tonnes through to 2030.

“India is one of the largest populations in the world and it is growing rapidly. Right now more than 200 million people in India do not have adequate access to electricity and thermal coal imports will continue to rise in order to meet the demand for this growing population with economic ambition,” Mr. Boshoff said.

Mr. Boshoff said that despite an expected increase in renewable energy use in India and Asia, there will still be demand
for thermal coal to provide baseload power.

“As the world’s number one international solar company and the largest private supplier of thermal electricity in India,
the Adani Group has a unique view of the market and we see there will be a demand for both in the energy mix,” he said.

Claudia Lang, Stop Adani campaign spokesperson says: “Lloyd’s of London is profiting from climate destruction by providing morally bankrupt companies like Adani with insurance. Adani’s climate-wrecking coal project is a reputational disaster for companies who associate with it, that’s why 24 major insurers have taken a stand and publicly ruled out insurance for Adani: Lloyd’s must follow their lead and stop insuring Adani.”