The Carmichael mine is Australia’s largest mining license. It was sold to the Adani company, who are in hock to the back teeth and have a record that make Qld bikers look like Mary Poppins. It is part of the Galilee Basin development.
Made up of six open-cut pits and five underground mines, Carmichael mine will cover an area seven times that of Sydney Harbour. The only way to get coal out of Carmichael mine is via the Great Barrier Reef. Millions of tonnes of seabed will have to be dredged and dumped in the World Heritage Area to make way for port expansions to service this mega-mine.
The coal is poor quality thermal coal. Studies on the health effects of mining and burning coal read like those on tobacco. This is dirty fossil fuel. In addition to significant health and environmental problems, the coal dug from this mine will be virtually unsellable.
“It will be hard for Adani and GVK to go to their shareholders to ask for a massive injection of additional equity capital to fund these high risk greenfield developments as these projects are uncommercial given the already oversupplied nature of the seaborne thermal coal market.”
According to The Global Status Report, which was released earlier this month by the Renewable Energy Policy Network for the 21st Century, China once again led the rest of the world in renewable energy investment in 2013, spending a total of $56.3 billion on wind, solar and other renewable projects. The report stated that China accounted for 61 percent of the total investment in renewables by developing countries, and that China invested more in renewable energy than all of Europe last year.
Anglo American Plc (AAL)’s decision to quit plans for a coal port expansion in Australia leaves Indian billionaires G.V. Krishna Reddy and Gautam Adani as the last major investors left looking at extending the terminal.
At the cost of the Great Barrier Reef. At a time when Australia is supposedly so broke we can’t afford meals on wheels.