The fight against Adani continues

Adani claims to have secured finance for its Carmichael coal mine project in north Queensland.

In an interview with the Economic Times, Karan Adani, CEO of Adani Group’s port subsidiary, announced that the multinational conglomerate has “completed the financing of the mine”. He also said the company is “closing on the financing of the rail part”, referring to a proposed rail line linking the mine to Abbot Point Coal Terminal, north of Bowen.

The Carmichael mine still faces obstacles. Adani’s proposal to pump 12.5 billion litres of water annually from the Suttor River does not yet have federal approval. And there is a court challenge, brought by Wangan and Jagalingou people, to a land use agreement.

Despite these hurdles, the mine is far from a failed project. Tim Buckley, from the Institute for Energy Economics and Financial Analysis, was quoted in the Guardian saying that Adani can self-fund, and that “we can’t assume this project is dead”.

Support for coal mining expansion from state and federal governments remains firm. In May, Queensland state resources minister Anthony Lynham announced new coal mining tenements in north and central Queensland. The state government continues to support Adani’s mine, albeit without providing a loan for the rail line.

The development of the Galilee Basin, and the 10 coal mines proposed for the region, would be an environmental disaster, but incredibly profitable.

So federal resources minister Matt Canavan has affirmed his support for the further development of coal mining in Queensland. Brisbane’s Courier Mail quoted him as saying “we would be mad not to do everything we can to take the opportunity”.