Australian news, and some related international items

Major Korean banks rule out any lending for Adani’s Queensland mega-mine,

Korean banks tell traditional owners they won’t back Adani’s Queensland mega-mine, ABC  by Josh Robertson  5 Nov 18 Major Korean lenders have ruled out any role in funding Adani’s contentious Australian coal project, just months after the miner was reportedly in talks to win backing from lenders in Seoul.

Key points:

  • Adani is trying to get funding for a its proposed Queensland coal project
  • Traditional owners opposed to the mine will lobby Korean lenders to not back the project
  • Three major Korean lenders have written to the group saying they won’t help fund it

Traditional owners fighting the mine have secured pledges from a trio of lenders including the Export-Import Bank of Korea, a critical conduit for Korean lenders, which said it believed there was no longer any interest in the mega-mine.

Anti-Adani representatives of the Wangan and Jagalingou (W&J) traditional owners will today fly to Korea to continue lobbying lenders, including Mirae Asset Daewoo, which refinanced Adani’s Queensland coal port in July……..

The W&J Adani opponents said they would seek meetings and hold “media events” at the offices of other institutions including Mirae Asset Daewoo, Korea’s National Pension Service and NH-Amundi.

A similar lobbying roadshow by W&J representatives in the US and Europe in 2015 saw major lenders, including Britain’s largest investment bank Standard Chartered, back away from Adani.

The ABC understands financial industry sources recently confirmed with Australia’s big four banks that none would have a role in the Carmichael project.

A media report in September suggested Adani was seeking to partly fund the Carmichael project by selling a stake in its Abbot Point coal port to Korean interests.

The Queensland government has said Adani must reach “financial close” before it will permanently wipe out native title claims to the mine site to hand over tenure to the miner.

But it has also asked Adani to put up security for a royalties deal that would allow the miner to defer hundreds of millions of dollars of state payments — which Adani is yet to sign after 18 months.

Traditional owners have made formal complaint to UN

The W&J mine opponents are battling to retain their native title rights and have formally complained to the United Nations.

“Whoever assists Adani financially at this crucial time will become complicit in a grave breach of our rights, and the destruction of our lands and waters and sacred places,” W&J elder Adrian Burragubba said.

“They are also exposing themselves to financial risk because success in our Federal Court appeal due next year would deliver great uncertainty to investors.”

Another W&J anti-Adani representative travelling to Korea, Murrawah Johnson, said 33 major institutions had now ruled out funding Adani.

“The interest in Adani from Korean banks or potential equity financiers needs to be made clear after reports that Adani has held talks with Korean finance companies,” she said.

“We are seeking to close the door on this financing avenue.”

An Adani spokeswoman said the company had been “working with the traditional owners of the Carmichael project area, the Wangan and Jagalingou, Juru, Birriah and Jangga, since 2010”.

“Indigenous Land Use Agreements are in place with all four claim groups and are registered by the National Native Title Tribunal,” the spokesperson said.


November 5, 2018 - Posted by | AUSTRALIA - NATIONAL, climate change - global warming

1 Comment »

  1. Reblogged this on jpratt27 and commented:
    More bad news for Adani coal

    Comment by John | November 5, 2018 | Reply

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