By News Desk
Melbourne, 5 February: House Broker for Adani Enterprises Ltd (AEL), leading investment bank Morgan Stanley, has reported that the Indian coal conglomerate has no intention of developing its planned Carmichael mine in Queensland, Australia’s Galilee Basin until coal prices increase, and a claim directly at odds with Adani’s own December 2013 quarter results report issued on Friday 31 January.
Morgan Stanley’s research report values the Indian coal conglomerate’s Carmichael project at $0.
The proposed Carmichael mine is the ostensible driver behind Australia’s Federal Environment Minister Greg Hunt’s approval in December 2013 of the highly contentious new ‘Terminal Zero’ port development at Abbot Point near Bowen in Queensland.
This development requires dredging and dumping of 3-million cubic metres of seabed in the World Heritage listed Great Barrier Reef to accommodate up to six new coal ship berths, making it the world’s largest coal port. The approval for the dumping has been given and is facing firm opposition from environment groups.
The port development itself is facing trenchant opposition, and UNESCO’s World Heritage Committee has required the Australian government to showcause why the Great Barrier Reef should not be listed as World Heritage in Danger.
- SAT News Service