Wednesday, May 31, 2017

Mine games. Why Adani is banking on the unbankable

You would think Adani would have gone away by now.

The giant Indian conglomerate can't get a loan for its proposed $22 billion Queensland coal mine from an Australian bank, it can't seem to get one from an Indian bank, the mine would be so big it would depress the world coal price, and the Indian government plans to phase out coal imports altogether.

In documents released to Fairfax Media under freedom of information laws, the Queensland Treasury as good as described the project as "unbankable''.

What is being proposed is breathtaking: a series of coal mines 60 kilometres long. If scrunched together they would be 40 kilometres long and 10 kilometres wide – an area bigger than Paris, much bigger than Sydney Harbour.

Read Peter Martin’s story in today’s Melbourne Age - “Mine games. Why Adani is banking on the unbankable.”

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