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When Looking At The Adani Approval, Remember What I Wrote Two Months Ago!

This is from what I wrote two months ago:

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 Austrlian 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.

This is from the ABC today:

Massive Carmichael coal mine in Queensland not viable, job claims overblown, economist says

 84 total views,  2 views today

8 comments

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  1. stephengb

    Words escape me for this QLD Labor decision.

    I cannot tell you how disapointed I am, this is the last thing I expected at this crucial time prior to a general election.

    I can only assume that its the “Queensland factor”, it supases all manner of unbelievably stupidity

    They have dueling banjo’s too

    SGB

  2. harshmind

    It just gave our Premier the opportunity to sport hard hat and hi-vis so it doesn’t look as if she is anti development. I don’t think anyone seriously expects all this to go ahead. The Barrier Reef has much more revenue potential.

  3. jim

    The Liberals were the first to approve Adani like in NSW (LNP) soon it will be illegal to even protest against CSG mining go figure.

  4. Kyran

    It’s sort of hard to follow this story. Putting aside the environmental concerns (on which Adani’s track record is dismal), and ignoring the profitability of eco tourism in Queensland, the financial aspect is, at best, dismal.
    Adani’s ‘break even’ cost of production is $100 per tonne. The market is currently at $50 per tonne and projected to decline to $30 per tonne over the next few years. Is this not the greatest exercise in negative gearing ever undertaken?
    Australia’s banks, and most of the European ones, have declined to offer support.
    Option 2; “the Australian Government heavily subsidises” the operation.
    This may have been the ‘balloon’ floated about the ‘Future Fund’ involvement, compliments of Costello.

    http://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=0ahUKEwiA5af3_vXLAhXlG6YKHT7gABkQqQIIKTAC&url=http%3A%2F%2Fwww.macrobusiness.com.au%2F2016%2F04%2Fadani-idiocy-reaches-new-heights%2F&usg=AFQjCNF_z9pARQcIkRKIdFX6WQ1IaCr0lA

    Curiously, most of the coal mines are financed by Chinese banks;
    “The Sierra Club puts out a coal financing report once a year and their 2014 report noted there was $US141 billion worth of funding in that year for coal mines and power stations,” he said.
    “Of the top 10 financers of coal throughout the world, most of them were Chinese banks.”

    http://www.abc.net.au/news/2016-04-04/adani-finance-doubt/7297828

    Bearing in mind the Chinese manufacturing figures have been in decline for six months, their banks have become a tad more conservative in their lending criteria. No matter how much lipstick you have, this is still a pig.
    What odd’s are you giving on option three? “they announce that they’re pulling out and Turnbull’s troglodytes blame it on the hold-ups caused by environmental groups.” Thank you Mr Brisbane. Take care

  5. blair

    maybe its a tactic by the Qld Govt to be seen to be accommodating mining & infrastructure, but they really know it’s unprofitable and wont go ahead. Just to make them look like they are doing something

  6. Wiseone

    When you went to school did you ever hear anyone say they want to work in a coalmine? Politicians who mouths “But we need jobs”. I match that :with we need sustainability”. People have and will fall in love with this country because of our people and our environment Re; tourism. We used to be innovators and we use to make things also. Globalism is the greatest con job for all time. Four Corners proved that last night. The Queensland Premier is just another puppet. And the answer to the first sentence is No I don’t think any child said he wanted to work in a Coal Mine when they were at school.

  7. Brad

    Why any sane person(s) with an eye on the future could give the nod to something so environmentally damaging, so economically risky and so unpopular does make me wonder.

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