“Coal is good for humanity, coal is good for prosperity, coal is an essential part of our economic future, here in Australia, and right around the world.”
Tony Abbott.
Now you’ve probably read something about the wonderful humanitarian efforts of Adani and Shenhua and their plans to create thousands of jobs with new coal mines. Of course, when I say “thousands” that’s at the upper estimate, so a more realistic estimate might be dozens of jobs by the time both mines are operational. Mainly in the PR industry.
But I can’t help but wonder what makes these companies so altruistic. Why start a big new coal mine when you could buy one? And when I say “you”, I’m not speaking generally, I mean you personally. If you don’t think you have the money I’ll lend it to you.
Actually, in fairness, I should say that we may have missed our chance because the mine I’m referring to was actually sold the other day. Price? $1. Maybe we could offer the new owners $2 and give them the chance to double their money in a week. The mine I’m referring to is Isaac Plains, so you can check that I’m not making it up by clicking the link.
But don’t worry there are plenty of other mines for sale. Just Google “coal mines for sale Australia” and you’ll see plenty.
Which makes the plans by Adani and Shenhua seem terribly generous. They’re going to all that trouble to set up a new mine when a mine like Isaac Plains – which a Japanese firm bought for $430 million in 2011 – can be snapped up for small change… literally. Those two companies must surely be just thinking of Australians and how they can help us out by starting a brand new mine in an industry which has about as much future as a buggy whip company. (Although “Fifty Shades of Grey” has led to a bit of a resurgence in those…)
I can see no other reason about from sheer altruism for them embarking on these projects. Although I am overlooking sheer incompetence.
I mean, Shehua Australia Holdings, for example, don’t seem all that good at financial management, filing its accounts late in 2014. And 2013. Mm, oh 2012 as well. But wait in 2011… nah, sorry, they were late then as well. Ok, anyone can be late. I mean, it’s not against the law. Oh, the Coorporations Act? Let’s not get technical. If it was good enough for the Abbott Government to break the law by releasing the Intergenerational Report late, it should be good enough for a company.
Univeristy of NSW lecturer, Jeff Knapp seems to think that Shenhua is pretty sloppy with their adherence to the rules, pointing out that they made a basic mistake in 2012 by including interest paid as cash paid to suppliers and employers in their financial report, but then he’s an academic, so what would he know. According to Knapp this a pretty basic mistake, but then he also thought that refusing to release tax details of millionaires for fear of kidnapping was pretty silly, so like all those interested in accounting, he clearly has an anti-Abbott agenda.
So let’s hear a big cheer for these two companies who are doing something out of the goodness of their hearts and not simply out for profit, like the wind and solar industries.
And as they’re not established industries – after all, clean coal is still in the development phase – perhaps we could get the Clean Energy Finance Coorporation to lend them some money, because they’ll have a pretty hard job getting it from a bank!
Gee, I hope that’s not another idea of mine that the Abbott Government steal.
