- Stevefin
- Sep 30, 2013
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ADANI has finally stitched up funding for its massive coalmine in central Queensland.
Delayed by years of legal and environmental issues, the $6 billion project’s final financial hurdle is the $1.35 billion in funding needed for the rail line, and that appears to be close.
The revelations came from Karan Adani, the son of the company’s owner Gautum Adani and chief executive of the ports business, who told Indian TV that it was now closing the financing of the rail project.
“We have all the Government approvals for everything,’’ he said.
“We have closed the financing of the mine, the port is already operational and now we are just closing the financing of the rail.
“I think that project is about $US1 billion ($A1.35 billion).’’
It follows a major victory for the company when it recently refinanced the debt owing on its Abbot Point coal port with a South Korean company, but despite Mr Adani’s confidence not all environmental approvals have been resolved with the key groundwater issue still awaiting a decision from the Federal Government.
The project was dealt a serious blow in November last year when the Palaszczuk Government said it would veto any taxpayer financing from NAIF for the rail project. That has meant a nine-month delay for Adani because it had to restart its financing deals.
Australian banks had also refused to finance the project because of climate change concerns.
Adani’s Australian business last night said work to secure finance for the Carmichael project was “progressing well’’.
“Finance for the mine is contingent on securing finance for the rail component of the project as both are interdependent.
“We are 100 per cent committed to delivering the Carmichael project for Queensland,’’ the company said.
Premier Annastacia Palaszczuk said the Government was awaiting news from the company and the Government’s position on the project had not changed.
“The mine has to stand on its own two feet. It has to stack up financially and environmentally,” she said.
Federal Resources Minister Matt Canavan said the current strength of the coal market, which is delivering the highest prices for thermal coal since 2012, indicated the sense of opening up the Galilee Basin.
“We would be mad not to do everything we can to take the opportunity. Someone will take advantage of the high prices and bring on new coal capacity. I want it to be Queensland, not South Africa or Russia or America.’’
This is horrible news and both the LNP and labor are dumb asses for letting it go through
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Jul 17, 2018 10:28
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May 15, 2024 05:20
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- Stevefin
- Sep 30, 2013
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Coles has hoisted a white flag in the face of angry shoppers aggrieved by having to bring their own bags or pay 15¢ for a "reusable" one, and has promised to give plastic bags away for free indefinitely.
The supermarket chain and its rival Woolworths removed thin "single-use" plastic bags from their checkouts in July and late June, respectively, as a growing number of state governments ban the environmentally damaging items.
But offering only thicker, "reusable" plastic bags for 15¢ each has elicited howls of outrage from some quarters, and led to a series of backflips - including giving the reusable bags away for free for a short period of time while customers adapted to the changes - to quell the outcry.
In the latest backflip, a Coles spokeswoman confirmed on Wednesday that the supermarket would give the 15¢ bags away for free indefinitely.
“When Coles phased out single-use plastic bags on 1 July in Queensland, New South Wales, Victoria and WA, some customers told us they needed more time to make the transition to reusable bags," she said.
"We’ve been delighted to see customers grow more accustomed to bringing their reusable bags from home so they are relying less on complimentary bags at the checkout.
"Many customers bringing bags from home are still finding themselves short a bag or two, so we are offering complimentary reusable Better Bags to help them complete their shopping.”
Customers will continue to pay 15¢ for the reusable bags in Tasmania, where single-use bags have been outlawed since 2014, and in South Australia, where they have been banned since 2009, the Coles spokeswoman said.
This just brings us back before the bag ban, I have a feeling it won't be long before one of the states that did ban the single use bags recently will sue/fine them for breaking the law, as they have just become single use plastic bags again
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Aug 1, 2018 01:41
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Jul 17, 2018 10:28
