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Big Four Banks Distance Themselves From Adani Coalmine as Westpac Rules Out Loan


Business  (tags: Australia, Queensland, coalmining, banks, Westpac, environment policy, Adani, Carmichael Mine, Hunters Valley, rail line, Carnavan, climate change, responsibility, Commonwealth Bank, National Australia Bank, ANZ )

Evelyn
- 786 days ago - theguardian.com
Coalition frontbencher calls for Queenslanders to boycott Westpac after it says it will now only lend to mines in established coalfields with criteria Adani doesn't meet. The bank would also increase its lending target for "climate change solutions"



   

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Comments

Evelyn B (63)
Sunday April 30, 2017, 1:22 am
For more background - See
Changing Times: Australian Greens to Present 'Stop Adani' Bill in Parliament

And a related article in the Guardian:
Adani coalmine at heightened risk of becoming a stranded asset, report says

"The risk of the controversial Adani Carmichael coalmine becoming a stranded asset has increased in the last 12 months, according to a new report.

The Institute for Energy Economics and Financial Analysis (IEEFA), says the Carmichael project is likely to be “cash flow negative” for the majority its operating life, even with concessional loans.

The IEEFA’s new report, Adani’s Remote Prospects, warns Adani Enterprises is not in a strong financial position.

It has thrown into doubt the wisdom of lending the project $1bn worth of taxpayers’ dollar through the Northern Australia Infrastructure Facility (NAIF). " .... and much more
 

Darren Woolsey (218)
Sunday April 30, 2017, 2:46 am
Shared news article over social media to raise and spread awareness.
 

Evelyn B (63)
Sunday April 30, 2017, 3:50 am
What has been "hinted" about for many months (especially while Port Abott expansion was discussed:
"The coal mined must also have energy content “in at least the top 15% globally”, meaning at least 6,300 kilocalories per kg, according to the Westpac policy.

Adani’s Carmichael mine would be the first in the Galilee basin and the coal would have only 4,950 kilocalories per kg, the miner told the Queensland land court in 2014."

With such low energy value, this is only of "economic" interest to Adani if it can ensure that most of the costs are paid by tax-payers, under a system that won't require reimbursement when the promised "profits" don't roll in ...
Then any profits would be in Adani pockets anyway - no returns except damage to the land for the Queenslanders.
As for "promises" of employment ... a few, with pay that won't cover the increased costs of getting food from elsewhere (since local production will be largely wiped out through the land clearing, pollution of water & air)
 

Jonathan Harper (0)
Sunday April 30, 2017, 4:05 am
Noted
 

Animae C (509)
Sunday April 30, 2017, 4:07 am
Awesome wonderful news!!!
Now to get rid of the current idiotic government!!!

TY Evelyn
 

Donna T (0)
Sunday April 30, 2017, 6:59 am
thank you
 

Peggy B (43)
Monday May 1, 2017, 10:37 am
Great article.
 

Janet B (0)
Monday May 1, 2017, 2:52 pm
Thanks
 

Colleen L (3)
Monday May 1, 2017, 11:53 pm
Good article. Thanks Evelyn
 

Janet B (0)
Tuesday May 2, 2017, 1:59 pm
Thanks
 

Barb SiteIssues V (202)
Wednesday May 3, 2017, 12:27 pm
Signed & Noted, Thank you
 

Barb SiteIssues V (202)
Wednesday May 3, 2017, 12:28 pm
Sorry....Noted, Thank you
 

Janet B (0)
Wednesday May 3, 2017, 1:49 pm
Thanks
 

Sheila D (28)
Wednesday May 3, 2017, 2:59 pm
Good to know. Thanks for sharing, Evelyn.
 

John B (185)
Wednesday May 3, 2017, 6:41 pm
Thanks Evelyn for the link to the informative article.by Joshua Robertson. Very good news.
Noted.
 

Margie FOURIE (148)
Wednesday May 17, 2017, 7:27 am
Thank you
 

Margie FOURIE (148)
Saturday May 20, 2017, 5:43 am
Thanks again
 

Margie FOURIE (148)
Sunday May 21, 2017, 2:53 am
Thanks again
 
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