1. Queensland Premier rules out giving financial support to Adani Group

Queensland Premier rules out giving financial support to Adani Group

Queensland Premier Annastacia Palaszczuk today ruled out giving financial support to Adani Group for its controversy-hit 21.7 billion dollars Carmichael mine project but the Indian energy giant asserted that it is moving forward on "all fronts". "

By: | Melbourne | Published: July 4, 2017 3:46 PM
For the last six years, Adani has fought 10 appeals in courts filed by environmentalists and stressed that its project will create 10,000 direct and indirect jobs in Australia. (Reuters)

Queensland Premier Annastacia Palaszczuk today ruled out giving financial support to Adani Group for its controversy-hit 21.7 billion dollars Carmichael mine project but the Indian energy giant asserted that it is moving forward on “all fronts”. “My government has always said that it is a matter for Adani to get the finance. This is a private investment,” Palaszczuk was quoted by Australian Associated Press news agency.

She said, “But I haven’t heard any reports from Adani themselves that they’ve indicated anything to the contrary”. Following Palaszczuk’s statement, Adani Australia said it maintained that it was moving forward on “all fronts”, including organising finance for its project.

“As was the case with Australian banks, Adani has not approached the Queensland Government for financing. The Queensland Government has, however, delivered every licence and approval necessary for the project,” according to the company’s spokesperson. Stating that the Adani Group has an enviable record of rapid growth, strategic vision, financial stability and project execution, the spokesperson said the company would ensure the Carmichael coal mine and rail projects proceed.

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“A great message for north Queensland and a great future now that we can all get along and work on,” he said. Last month, Palaszczuk opened Adani’s head office in Townsville after Adani Group gave the final investment approval to the project which had hit several roadblocks over environmental concerns. The company’s decision was welcomed and hailed by the state and federal government.

For the last six years, Adani has fought 10 appeals in courts filed by environmentalists and stressed that its project will create 10,000 direct and indirect jobs in Australia. The Carmichael project has been facing opposition from environmentalists and indigenous groups. The Indian energy giant has for more than five years battled the opposition to any expansion of the Abbot Point port, saying it will cut into the Great Barrier Reef World Heritage Area.

The company has also been trying to secure a USD 1 billion loan from the federal government’s Northern Australia Infrastructure Facility to build the rail line linking the mine with the Abbott Point coal terminal. The future of the so-called biggest mine in the world and largest in Australia was earlier put on hold after the state cabinets split on the royalties payment.

Adani wanted the Queensland government to delay the start of royalty obligations on the coal mine it hopes to build in Queensland’s Galilee Basin. The project involves dredging 1.1 million cubic metres of soil near the Great Barrier Reef Marine Park, which will then be disposed off on land. The Adani Group entered Australia in 2010 with the purchase of the greenfield Carmichael coal mine in the Galilee Basin in central Queensland, and the Abbot Point port near Bowen in the north.

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