Australian news, and some related international items

Chinese Government denies receiving application to fund Adani’s Carmichael coal mine

Adani: Chinese Government denies receiving application to fund Carmichael mine, ABC News, 30 Nov 17, By Stephen Long, As Adani angles for Chinese money for its giant coal mine in North Queensland, China’s Australian embassy has made clear that any backing from Chinese state enterprises would need central government approval.

Senior embassy officials have also told opponents of the mining venture that no applications for funding have been made, despite Adani insiders claiming recently that finance from China had been secured.

Over the past month, businessman and environmentalist Geoff Cousins and prominent investment banker Mark Burrows, AO, have held talks with Chinese embassy officials in Canberra to lobby against Adani’s Australian project, amid reports Adani was close to finalising a deal for Chinese backing.

“Myself and Mark Burrows went to see senior officials from the Chinese embassy; we explained that China might think that Australians supported the Adani mine and we gave them a lot of evidence that that was not the case,” Mr Cousins told the ABC.

“The Chinese embassy was very forthright in saying that investment from a Chinese corporation would require the approval of the central government and that also no such proposal had been put.”……….

Chinese funding for the project is becoming more critical as prospects for a subsidised loan of up to $1 billion from the Northern Australia Infrastructure Facility for the mine railway fade.

The Labor Party, which looks likely to form a government in Queensland, has pledged to effectively veto the loan.

Pauline Hanson’s One Nation Party, which has secured at least one seat in the state parliament, is also opposed to the loan.

Banks across the globe have refused to fund the Carmichael coal mine because of doubts about its financial viability and its potential to worsen global warming.

December 1, 2017 - Posted by | AUSTRALIA - NATIONAL, climate change - global warming, politics

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