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Queensland

Jun 7, 2017

How much you’re paying for Adani’s polluting mine to save Turnbull and Palaszczuk’s jobs

It wasn't so long ago we were told it would cost too much to save jobs in car manufacturing, now we're spending even more per job on a mine that will damage the Great barrier Reef.

Bernard Keane — Politics Editor

Bernard Keane

Politics Editor

Adani Coal Mine

Because Adani’s Carmichael coal mine project is primarily seen as an issue about coal, climate inaction and the death of the Great Barrier Reef, the extraordinary nature of what governments are doing to encourage the project has received less attention than it should have.

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20 comments

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20 thoughts on “How much you’re paying for Adani’s polluting mine to save Turnbull and Palaszczuk’s jobs

  1. Ken Done

    With a bit of luck Adani will go bust before the first km of track is laid – or be arrested by Indian police for corruption.

    1. Dave Black

      As at 8 MAY 2016
      [quote] “The billionaire Gautam Adani’s Adani group, with Rs 96,031 crore debt, ($A19,753,576,700) is under pressure to sell its stake in the Abbott Point coal mines, port and rail project. The Adani Group’s debt stands at Rs. 72,000 crore. Last year, Standard Chartered bank had recalled loans amounting to $2.5 billion as part of its global policy of reducing exposure in emerging markets. Global lenders have backed out from funding the $10-billion coal mine development project. State Bank of India has also declined to offer a loan despite signing an MoU to fund the group with $1 billion. An Adani spokesperson declined to offer any comments on the issue.”
      http://www.thehindu.com/business/Industry/the-biggestever-fire-sale-of-indian-corporate-assets-has-begun-to-tide-over-bad-loans-crisis/article8573163.ece

      1. Bill Hilliger

        Gautam Adani can spot fools and there are plenty of fools aka politicians lining up to gift him Australian taxpayer funds to help accelerate Great barrier reef destruction. And no to all politicians; …coal dust slurry does not improve the well being of the Great Barrier Reef.

  2. Michael Porter

    I think most people are entirely missing the point about Adani. The global company is technically broke, and it would have pulled out of Queensland a long time ago had it not been for the value it has built into it balance sheet of the as yet undeveloped mine. Even in its infancy state it has some value even if it is based on dodgy projection numbers. In addition, it is pushing onto the market the $900+ million the federal government is talking about giving it. Without these two phenomenon, the Adani company itself would no longer exist.
    The project itself is a complete myth – no bank either local or international will ever touch it, unless the federal government puts up most of the money and covers the risks. Something which unfortunately is not beyond the bounds of possibility given the stupidity of our current governments on this issue.

    1. Dave Black

      Quite correct.
      Its NOT about Adani. Adani is just the front. Its about Rinehart & Palmer who have the adjacent leases.
      As at 8 May 2016
      http://www.thehindu.com/business/Industry/the-biggestever-fire-sale-of-indian-corporate-assets-has-begun-to-tide-over-bad-loans-crisis/article8573163.ece

  3. Jimbo from Logan

    Why would Palaszczuk want to tell Queensland voters that she’s bent over backwards for Adani? No one up here wants it.

    1. Tom Sawher

      Townsville Bulletin seems to want the mine Jimbo (or at least their News Corp bosses are tell them to push that line) – their bumper stickers prove it. ABC 7.30 last night found a handful of people in Bowen who think it’s the only way to create jobs in the region. So the media and pollies have convinced some people it’s a great idea and that any enviro concerns have been dreamed up by Sydney/Melbourne latte drinkers. I feel for those unemployed coal miners but like those former auto workers, reskilling to work in renewable power surely is better long-term option

    2. Hugh (Charlie) McColl

      Why? So that no one from LNP to Katter to One Nation can say anything about Labor on the Adani front. Palaszczuk has outflanked them all on the right hand side and now thrown the baby over to the federal government. Let’s see if Malcolm Turnbull has the balls to stump up $1 billion and call her bluff. It’s only money and we’ve got plenty of it, apparently.

    3. Richard

      Believe it or not (and I was really amazed) whilst doing phone around for GetUp I struck 2 people who really really wanted the mine. One was a mining engineer who denied AGW and said it was a lefty plot. The other a raving nutter who also denied AGW and wanted to bend my ear about how GetUp was a bunch of left wing layabouts with no jobs, making mischief for hard working polluting industries. 4 out of 5 wrong was impressive.
      Also. it seems that only about 3% of all people called cared enough to talk about it.
      So if you really care about preventing this obscenity, 1) talk to anybody and encourage them to let their local MP know they don’t support it and 2) get up with GetUp.

  4. Andrew Styan

    If it was just down to vote buying and protectionism why would they not simply put that $900,000 per job towards renewable energy projects in those same marginal electorates? That would get the double benefit of appeasing the majority of Australians who want us to do more on climate change and energy affordability.
    There is more to it, and it’s probably to do with coal-obsession and influence.

    1. klewso

      Coal/donor profits.

    2. Richard

      Pay offs somewhere, somehow. That, or steamy photographs.

  5. klewso

    Again, how many of these jobs (off-shore?) are going to be in building automated machinery to do the actual mining – boosting Adani profits?
    Has either/both government/s guaranteed this private company our $tax to float it – in light of banks not touching it because of their economic concerns?
    When will Adani be looking to off-load their “White Elephant Mine” –
    if/when it dies, and takes our money with it, to that great big furphy in the sky?

  6. klewso

    Another win for Limited News – our Curry or Maul bog roll has been hawking it across Queensland – refusing to publicise negative news about it and attacking those that cast such aspersions.

  7. Don Willoughby

    The mine just won’t happen. All the kowtowing and scraping will be to no avail because no sane financier is prepared to put up real money on such an evident non-starter. A section of Australian politics using taxpayer’s funds wont be enough.

    1. Dog's Breakfast

      I’m still hopeful of that, Don. This is the biggest load of malarkey I have come across in all my years. If this gets off the ground, I will be shaking my head for years to come. The only question will be “How”? This should have been stopped 50 times before this.

    2. Richard

      The word is “sane”… Thus far the Coal-a-lickin trough dwellers appear to be anything but. The clue is that when you listen to them, you feel as if you have been transported to a fairy land of alternative realities, as your brain turns to porridge and dribbles down your nose.

  8. Damon

    Richard Di Natale made a comment at a gathering last night which really hit home for me. Paraphrasing, he said that governments are always too willing to subsidise old, established industries that are on their way out. He used the current example of coal, but this could be equally applied to the car assembly industry until recently, and others before then.

  9. AR

    Adani is laughing all the way to the Cayman Islands banks – NB far from those ones that wouldn’t dream of funding this vanity project.
    There is only one job that concerns Palaszczuk – her own.
    If only uncle Clive weren’t so ill, he could step in and save the project as he did with Qld Nickel.

  10. John Boulton

    There is also the prospect of who will pay to clean up the minesite afterwards, oh and how much it will cost to mitigate potential damage to the GBR or even worse the possibility that it contributes to terminal damage to the reef or parts thereof