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.
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.
