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Adani Puts Mine On Hold! (With update!)

Adani has put the Galilee mine on hold until coal prices recover.

According to Axis Capital, the project is dormant and no expenditure is expected before 2017, quoting the management as saying that “further investments in its Australian coal mine project shall be dependent on visibility of revival in global coal prices”.

Yes, and I’m waiting to attempt my Hollywood acting career until a visible recovery in my looks!

Interesting that this isn’t a major news story yet (Adani, not me putting off my Hollywood career!) But, hey, the MSM is too busy reporting speculation, opinions and predictions to actually tell you about what’s actually happening.

Hopefully this may trickle down in the next few hours… Or days…

You know, trickle down … Like all the jobs that the mine was going to create!

Update:

Adani are denying reports according to this, but it’s an interesting denial.

http://www.abc.net.au/news/2016-02-04/adani-denies-carmichael-mine-on-hold-until-coal-price-rises/7142000

Note that they don’t deny making statements about waiting for improved coal prices. They merely say that they’re “committed” to the project. Have another look at what I wrote on December 24th.

Of course, there are only three possibilities from here. The first is that, in spite of the continuous improvements in the efficiacy and cost of alternative energy sources, coal has an enormous resurgency due to an nostalgia for the good old days of roasting chestnuts in front of an open fire, the Austrlain Government heavily subsidises Adani.or they announce that they’re pulling out and Turnbull’s troglodytes blame it on the hold-ups caused by environmental groups. Not sure which I’d put my money on, but you can have long odds on the first possibility.


15 comments

  1. flohri1754

    Hear, hear!!!! Wondering how long it was going to take for something to happen like this since the big banks saw how shaky the proposition was some months back …..

  2. Sue Darmody

    Now I suppose they’ll be demanding compensation?

  3. Martin Bryce

    So now we don’t need to extend the Abbott Point shipping facilities. Hear that, Queensland government? WE DON’T NEED THE FACILITIES AT ABBOTT POINT, SO YOU CAN STOP DREDGING PLANS AND LEAVE THE REEF ALONE.

  4. philgorman2014

    Hark! Is that the wind of change we hear? What’s that rumbling sound? Are the dominoes really falling? AGL getting out of CSG and Adani getting ready to abandon the Galilee Basin; all within 24 hours.

    YES! There is a tiny light at the end of the tunnel. Trouble is the bastards keep digging more tunnel. How long before our Libor politicians see which way the wind is blowing and stop digging?

    No premature ejaculations of jubilation please. Its just a very small step for Australia. In view of the dismal window dressing exercise in Paris we are yet to see more than a reluctant shuffle forward, let alone any giant leap for mankind.

  5. Jaquix

    So now its time for serious attention to NEW CLEAN industries/employers. That is the hard part but its what we need to do. I believe the Qld Govt has set up a task force in Townsville to mop up Clive Palmers victims. Perhaps Malcolm Turnbull’s attention could be drawn to this exciting, innovative challenge …..

  6. SirColin Herring

    Warning Warning, waiting until protest dies down? The price of success is eternal vigilance. They do play games you know and not short of dirty tricks.

  7. The AIM Network

    It’s not all good news:

    The Queensland Labor Government have just given environmental approval for the mega Adani coal mine to go ahead (after promising to “protect” the reef if they were elected!)

  8. Rod Graham

    I believe the Queensland government have given approval to the mine. Knowing it will never go ahead. To prevent The LNP and the Murdoch press wedging them on this issue. The Adani mining proposal will never be viable. It’s a cruel hoax on the people who are depending on it going ahead..

  9. Matters Not

    Rod Graham is on the money. The Queensland Government doesn’t want to be seen as the one ‘to rain on the tea party’. Adani (and the like) are in the business of offering ‘promises’, ‘fantasies’ and the like. And thus making it very stupid for any government to be the ‘kill joy’, particularly when it comes to the promise of ‘jobs’ and ‘prosperity’.

    Study the historical record. You will find that those who advise government (Treasury and the like) know Adani’s proposal is a ‘crock’. So does the Premier and her advisers but it would be politically stupid to tell people that their ‘fantasies’ are just that.

    It’s like telling a bunch of under 8s that Santa doesn’t exist.

    I think there’s a song that goes: ‘A man hears what he wants to hear and disregards the rest’.

    Central Queensland wants to hear about ‘jobs’. The Queensland Government is obliging.

  10. John Fraser

    <

    No worries !

    LNP conservatives George Christensen, Michelle Landry, Senator Matt Canavan will all put in their own money to help Adani.

    After all they have been telling their Constituents how terrific Adani is going to be for them.

    But conveniently forgetting to tell their Constituents that no bank will touch Adani.

  11. David K

    From today’s Guardian newsletter…

    “Around the world there’s been some bright news on the renewable energy front. Today sees the king of Morcoco switching on the first phase of what will ultimately be the world’s biggest concentrated solar power plant, on the edge of the Saharan desert.

    That comes just hours after a Danish energy company announced it will build the world’s biggest offshore windfarm, off England’s north-east coast. The turbines it’s using are so tall, they’re higher than some of London’s most iconic skyscrapers.

    And finally, encouraging numbers from the US, where new wind and solar power is spiking, and the use of coal for electricity dropped to a record low in 2015. Suzanne Goldenberg has the story.”

    Improved coal prices? Can’t see it.

  12. Paul Murchie

    great to see that AIMN is brave enough to be the Media that Australia REALLY NEEDS ! ( :

    … now that the Pluckachooks have shown their true colours and given environmental approval to Adani, which is just a front
    for Rhinehart, BHP, Rio Tinto et ilk, does THEIR approval fall from the sky as well ? [http://www.theguardian.com/environment/2016/feb/02/queensland-gives-adani-environmental-permit-for-carmichael-coalmine#comment-68050832]

    and giving this ridiculous approval so that the Abbott Point Terminal can be got underway, eventhough “Moody’s has
    threatened to downgrade the debit accrued by the Abbot Point coal terminal to junk status”[http://www.theguardian.com/
    environment/2015/dec/23/abbot-point-coal-port-open-to-challenge-over-tugboat-harbour-left-out-of-eis],
    why is the extractionist QLD “government” so stupidly out of touch with reality ? another Scam Deal with the QLD LNP ?

    these Zombies are FINISHED !

    the only Political Figure in QLD with any good sense is Larissa Waters !

    #TearUpTheTPP

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