Tag: Adani Queensland

Protest at Adani HQ in Townsville, 4 arrested

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Photo: Frontline Action on Coal

By SAT News Desk

MELBOURNE, 14 November: Fifteen people today occupyed the Adani Australia Headquarters in Townsville, including five people who locked themselves together to stage a peaceful sit-in. Graeme, Robert, Ioan, Anne and Kay, who are locked on, are all from Queensland, sent a clear message during the state election that Queenslanders oppose this development.Four of the protesters were later arrested, says an update from the Frontline Action For Coal.

Graeme Sharp, one of the people locked on, is a retired engineer in the mining industry, and says “We have to accept from a world perspective that coal and oil are no longer the answer to our electricity and transport needs. Renewable electricity is cheaper and practical and can power electric vehicles. We have to do this for our children. ”

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Photo: Frontline Action on Coal

Protest against Adani has been amplifying across Australia, including on the ground at the construction site.

Polls have shown that two-thirds of Queenslanders oppose taxpayer money funding the Adani railway. Adani is a key focus of the Queensland election, with Palaszczuk already backflipping and promising to veto the $1 billion loan to Adani to build the rail. LNP have sustained their backing of the project, including a push to develop a dam at Urannah, which would supply water to the mine.

Dr Robert Chataway, also locked on, is an agricultural scientist with Department of Natural Resources, working on the reef management plan. “I was really pleased when Labor was elected on the promise to protect the reef at the last election.” Says Robert. “The approval of the mine now undermines our whole work to manage reef catchments and sediment”.

Adani rail work shut down for second time in a week

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Photo: Frontline Action on Coal

By SAT Newsdesk in Melbourne

Belyando, QLD, 30th October: Work was shut down for the second time in less than a week at the construction site of Adani’s new railway line near Belyando Crossing, Queensland. Darcy Poulton, 25, attached himself via a monopole to four construction machines determined to stop work which is a part of the controversial Adani coal mine project.

The site is an area that crosses the Gregory Highway, approximately 35km / 25 minutes south of the Belyando Crossing Road House.

“I’m here for my friends and family and everyone who is angry and frustrated that the Adani coal mine is being pushed by our Government. We are in a climate crisis, and the corrupt Adani company threatens the life we love. The line has been crossed and I’m standing up.” said Darcy.

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Photo: Frontline Action on Coal

The mine would be Australia’s largest coal mine, and one of the largest in the world. Mayor concern has been raised across Australia regarding the emissions from this mega coal mine and the acceleration of dangerous climate change, which is already expected to lead to unprecedented economic, social, environmental and health impacts.

Queenslanders rely on the reef for over 69,000 jobs. The rising of ocean temperatures has already caused major bleaching of the Great Barrier Reef, and scientists predict that climate change could see the loss of reefs within the next two decades.

The announcement of the Queensland election is a stark reminder that one of the major issues that saw Labor elected in 2015 was the promise to protect the reef and that the Palaszczuk government has betrayed those constituents by being one of Adani’s strongest proponents.

Darcy Poulton says “Those like Palaszczuk, Matt Canavan, and Turnbull that are kicking for Adani are only kicking the rest of us down. I know when I stand up, I am speaking with the same voice as my family, my friends and Australians all over that are saying,’Adani, no means no’.

This industry is stuck in the past, we need to start preparing for a future with the facts of the present. We are a growing movement which is trying to create a safer future, and this means no new coal mines.”

- With inputs from the Frontline Action on Coal.

Adani’s Carmichael Coal project a house of cards: Report

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Map:IEEFA

By SAT News Desk

Melbourne, April 24: The proposed Carmichael Coal project in Queensland by India’s Adani group has once again come under the cloud with a new report by the Institute for Energy Economics and Financial Analysis (IEEFA) saying “Mounting debt across the Adani Group suggests that the Indian conglomerate’s Carmichael mine proposal for northeast Australia has become an increasingly precarious house of cards.”

The report— “Adani: Remote Prospect: Carmichael Status Update 2017”—notes that Adani Enterprise Ltd.’s equity market capitalization has declined from over US$10 billion in 2015 to $1.9 billion today. Relative to net debt estimated at $2.5 billion, this capitalization is wholly insufficient to underwrite even the reduced $5 billion total project cost for Carmichael.

“Adani’s proposal has all the fundamentals of a feckless entrepreneurial scheme reminiscent of those last seen in Australia in the 1980s,” said Tim Buckley, Director of Energy Research at IEEFA and lead author of the report. “Absent massive taxpayer subsidies, no independent investor would give the proposal a second glace given its strategic and financial predicament, particularly set against a rapidly declining market for seaborne thermal coal.”

“The leveraged nature of Adani Enterprises, which controls the Carmichael project, is mirrored across the whole Adani Group,” a IEEFA media release says.

The media release says, “Since early 2015, the Adani group has seen estimated net indebtedness rise by US$3 billion to $15.9 billion. Adani Power alone, mooted as the key off-taker for the Carmichael coal, has net debt of US$7.6bn, and its auditors qualified their most recent review of the company with notes on a material weakness in financial controls. Adani Power, then, is an unbankable off-taker.”

The report describes how the Adani Group currently has a pipeline of US$30 billion of mostly greenfield projects in India in addition to Carmichael, including $10 billion or more in renewable energy proposals plus proposed diversifications into new business areas as various as defense systems and copper smelting.

“Gautam Adani is an ambitious businessman with a broad range of proposals on the table at any one time. Since the purchase of Carmichael in 2010, the forward market value of its coal has declined 50% and thermal coal imports in India are down double digits in line with the government’s stated policy to nearly cease imports entirely by the end of this decade,” Buckley said. “Adani took a calculated business risk on this speculative project in 2010 but the world has changed since then. No longer strategically aligned nor financially robust, today it is less a gamble, more a shot in the dark.”

India’s energy transformation is one of the main drivers of the structural decline of the seaborne the thermal coal that has emerged since 2014.

“India’s government commitment to ending thermal coal imports and its ambitious target of 275GW of renewable energy installations by 2027 is among the forces eating away at the rationale of the Carmichael project.

Record-breaking auctions in India for both solar and wind energy have driven down renewables costs to new lows. Both are now cheaper than new coal in India.”

As a result, coal imports have dropped 22-25 percent year on year over the past two months. Meanwhile, Adani’s Indian renewables and transmission businesses are well aligned with government plans for rapid cost-competitive renewable energy expansion and the provision of electricity to its population.

“Private capital has already vacated the playing field,” Buckley said. “Australian and Indian taxpayers have become the only potential sources of funding, but it should be clear that Carmichael has never looked like more of a stranded asset than it does today.”

Queensland support for Adani coal mine hypocrisy : Greenpeace

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By SAT News Desk

Melbourne, 16 March: The Queensland Parliament’s support (on 15 March) for the approval of Adani’s $21.7 billion Carmichael Coal project has come under attack from the Greenpeace. It is ‘utterly irresponsible’ and ‘grossly hypocritical’ two days after saying coral bleaching is worsening in the Great Barrier Reef, the Greenpeace says.

The state Development and Natural Resources and Mines Minister Anthony Lynham said the House agreed a motion that all State Government approvals be provided to help create jobs in North and Central Queensland.

Government and Opposition speakers, including Dr. Lynham and Treasurer Curtis Pitt, told the Parliament that the project potentially offered thousands of jobs and much-needed economic development.

“It’s unbelievable. The Great Barrier Reef is Queensland’s most precious environmental asset. It is unique, it’s delicate, and it is at grave risk from climate change, as we are seeing right now with coral bleaching,” said Shani Tager, Greenpeace Australia Pacific reef campaigner.

“Instead of offering words of support for the coal industry under the banner of creating potential jobs, the Queensland government needs to protect the Great Barrier Reef, which provides jobs for more than 69,000 people already.

“Allowing any new coal mines will worsen the threat to the reef, and is incredibly hypocritical, given the Queensland government’s continued promises to UNESCO that it will protect this World Heritage icon. Instead of wasting their time with empty statements of support for the coal industry, the Queensland government should be working to transition to clean energy and sustainable jobs.”

“Jobs associated with Carmichael have been grossly overstated, as the Land Court heard. There are no sustainable jobs in coal.

“The Queensland Government seems to have forgotten that coal creates carbon emissions. If the Carmichael mine, the biggest proposed coal mine in Australia, gets built, the coal will be burnt overseas, driving climate change, warming our oceans and contributing to coral bleaching.

“It doesn’t matter if it’s burnt in India, in Korea or Australia. Climate change is a global problem and exporting the coal makes it our problem when the future of the Great Barrier Reef is at stake,” said Ms Tager.

“The Carmichael project is in financial disarray, coal is in structural decline, and the mine still faces legal challenges.”

If it ever got to full production, the 28,000ha Carmichael coal mine would put 121 million tonnes of greenhouse gas into the atmosphere each year and ship 60 million tonnes of coal directly through the heart of the Reef, a Greenpeace media release says.

- SAT News Service

Adani to invest in Australian Solar projects

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By Neeraj Nanda

Melbourne, 12 February: After the delayed Carmichael Coal mine project in Queensland, facing environmental and indigenous opposition, Indian mining giant Adani has announced plans to invest in Solar projects in Australia. The announcement came during the visit of Indian Energy Minister Piyush Goyal’s visit to attend the 3rd India-Australia Energy dialogue.

Fairfax media has quoted Minister Pyush Goyal as warning Indian investment in Australia could be deterred if obstacles to the giant Adani Enterprises coal project in the Galilee basin are not overcome.

Despite the warning Adani Australia in a move to balance environmental opposition to the Coal project announced plans for Solar investments in Queensland and South Australia.

In a statement, Adani Australia says the proposed investments in Solar generation “…would be in addition to, not in lieu of, the company’s existing and planned further investments in the mine at Carmichael, the North Galilee Basin Rail, the port at Abbot Point and the port’s expansion.

If and when these opportunities come to fruition, Adani will update the market on the value, scope and nature of these investments.”

“The company’s planned investments in Australia would leverage this expertise, as well as the company’s focus on photovoltaic manufacturing opportunities, which would provide valuable export and employment opportunities in India at the same time as Adani’s existing investments in Queensland provide substantial employment and export opportunities, the statement says.