Coal giant Adani in a financial pickle
Adani’s finances go from bad to worse, Independent Australia Lachlan Barker 3 January 2016, Federal and State Governments continue to approve it but the Adani Carmichael project will never eventuate unless an investor with “a financial death wish” can be found, writes Lachlan Barker.
IN OCTOBER 2015, the new Minister for Resources, Energy and Northern Australia,Josh Frydenberg, made a death knellpronouncement on Adani’s Carmichael Coal Mine and Rail Project, indicating that the rail line to the Galilee Basin to serve the mine:
“… wouldn’t be a priority project.”
He added that Adani’s project was:
“… a commercial operation and it needs to stand on its own two feet.”
This makes it pretty clear that the federal government have, at last, recognised that this Adani coal mine has not a chance in hell of making a red cent and federal funding through the Northern Australia Infrastructure Facility (named by opponents as the ”Dirty Energy Finance Corporation”) will not be provided.
Additionally, the banks have indicated that they will not touch this project and the one bank that Adani has constantly pointed to as a source of finance, the State Bank of India (SBI), has not actually said “yes” to the project. The SBI has simply received an application from Adani for financing.
Currently, the SBI are reviewing Adani’s application – as they do with any application – and will, presumably, announce their decision soon.
So, with no banks and now without the Australian Government, Adani were left with the solitary hope that the Queensland Government might come to the “white elephant” party.
If that was indeed their main source of hope, they must have been chagrined when, over the Christmas break, a tiny story appeared on the SBS website, headlined, ‘Adani must fund mine: Qld premier’.
The link takes us to a brief story reprinted here:
Queensland’s government has warned Indian mining giant Adani it must finance the controversial Carmichael coal mine on its own.
The federal government on Tuesday approved the expansion of Abbot Point port, which is intended to service the proposed Carmichael mine, prompting Premier Annastacia Palaszczuk to sternly tell Adani not to expect any financial assistance from the state.
“There will be no taxpayers’ money going towards this project,” she said.
At the time of writing, the only entity on the planet prepared to fund the Carmichael mine project – rated as a A$16 billion project (US$11 billion) – is Adani itself.
IEEFA tells us that Adani has already borrowed A$3 billion for the initial investment in the mine and now need to raise the remaining A$13-14 billion (US$9-10 billion). That being the case, the mine looks as likely to be built as environment minister Greg Hunt’s chances of getting an invitation to the Greenpeace Christmas party — for Adani’s financial situation has got worse………https://independentaustralia.net/article-display/adanis-finances-go-from-bad-to-worse,8539
Queensland’s Fraser Coast Region could bloom with solar farm, says Councillor
Solar Farm ‘Common Sense’ For Queensland’s Fraser Coast December 30, 2015 Energy Matters “There are many issues on the Fraser Coast Region; none of which are more important than rising energy prices,” says Cr. Loft; who also points to issues with unreliable delivery of electricity.
The councillor states the construction of a solar farm within the region’s boundaries could provide savings for Council of around 15%, freeing up hundreds of thousands of dollars in working capital that could be redirected to other community needs.
In addition to savings, creating jobs and a more robust electricity supply, Cr. Loft says benefits for the region would include “the ability to portray the Fraser Coast Council as an environmentally friendly and green community, compatible with our magnificent natural environment.”
The Fraser Coast sits within the Great Sandy Biosphere, which is part of a world network of Biosphere Reserves.
The proposed feasibility study would include profiling the electricity consumption of Council and major consumers of electricity in the Shire; determining total Shire electricity consumption, potential locations for the facility and the most appropriate technology, e.g. solar panels, CPV or solar thermal + storage.
Cr. Loft believes now is a good time for a major solar power project……..
The Fraser Coast Council incorporates Fraser Island – the world’s largest sand island – and towns including Maryborough, Burrum Heads, Hervey Bay and Brooweena.
Queensland is Australia’s leading state in terms of total solar capacity and it also has the highest number of small scale solar power systems – more than 460,000 installations. http://www.energymatters.com.au/renewable-news/fraser-coast-solar-em5271/
Queensland Premier says “focused on solar and wind’ but also ‘committed to coal’
Queensland to boost renewable energy target in wake of Paris climate agreement, Palaszczuk says, ABC News 13 Dec 15 By Jessica van Vonderen Queensland will look to lift its renewable energy target in the wake of the Paris agreement to tackle climate change.
Envoys from 195 nations agreed on the weekend to transform the world’s fossil fuel-driven economy within decades and slow the pace of global warming to well below 2 degrees Celsius.
Premier Annastacia Palaszczuk said her government was focused on wind and solar farms, while maintaining a commitment to coal……
University of Queensland’s Matt McDonald, a reader in international relations who attended the negotiations in Paris, told 612 ABC Brisbane there were lots of discussions about mining, in particular the proposed $16 billion Carmichael coal mine in central Queensland.
“It does raise a series of questions about whether Australia and businesses really want to commit to that scale of investment into fossil fuel, given all the signals that are pushing in the other direction,” Mr McDonald said.
“So there’s a lot of concern about a future of that type of mining program.” http://www.abc.net.au/news/2015-12-13/firm-focus-on-renewables-palaszczuk-says/7024762
Wangan and Jagalingou traditional owners continue to fight $16.5 billion Carmichael coal mine
Vow to fight mine ‘Wangan and Jagalingou (W&J) traditional owners were blindsided last week..’
http://www.cpa.org.au/guardian/2015/1714/05-vow-to-fight.html 9 Dec 15:
“Wangan and Jagalingou (W&J) traditional owners were blindsided last week by revelations that Queensland Coordinator-General Barry Broe was proposing to extinguish native title on parts of their traditional lands in the Galilee Basin in order to enable Indian company Adani to develop infrastructure for its $16.5 billion Carmichael coal mine. …
“It is beyond comprehension that the government would consider such a shameful and absurd proposal in an era when our rights are sanctioned under international law and when we are already in the Federal Court contesting the state government and Adani’s attempts to override our rights,”
[Adrian] Burragubba said. “I assure the Premier she will be bringing on one of the biggest human rights battles we’ve seen in Queensland in a long time. … ” … “
Deliberate downplaying of the seriousness of Oman Ama nuclear waste proposal
Oman Ama nuclear waste proposal being ‘downplayed’, Warwick Daily News, Annette Clement, Oman Ama | 8th Dec 2015 The role of the proposed waste facility was played down at the first information meeting in Inglewood.
We are not children to be lulled into compliance by a ‘glossy’ film and soothing narrative.
The facts are that this facility, as well as containing the medical waste mostly mentioned, is being built to house all nuclear waste including intermediate level waste produced by Australia in the past and for the next 100 years (not just ANSTO’s medical waste), the containers of processed spent fuel rods and other waste (en route from France and United Kingdom) will be ‘temporarily’ stored in a secure shed for an indeterminate period.
This waste should be buried 400-1000 metres deep.
It appears that the significance of this is being deliberately downplayed and my trust has been shaken in the intentions to be completely open with the plans for, the facts about and the future use of the proposed facility, Mr Wilson said during question time ‘the eventual use of the facility is as yet unknown’.
Some points for you to consider.
Tourists …
Land devaluation … this area is known for its lack of harmful or potentially harmful industry that’s why a lot of people live and work or farm here. It’s their life.
Income loss … this area is rich in production from the land, some producers would be adversely affected by lowered consumer confidence in their products, possible devaluation of their land which could mean their banks will be less likely to back them when they most need it….
Security hazard ... regardless of the ‘little reward for a lot of effort’ reassurance we get concerning the waste facility ever becoming a target the possibility should not be brushed aside, our once relatively isolated and trouble free country has seen incidents recently which clearly demonstrate we are not immune to radical behaviour.
Ecologic concerns … although I am satisfied that the waste facility will endeavour to keep all nuclear waste in proper containment the risks for this area are still too great.
We are subject to major flooding, and large fluctuations in the water table.
In the great scheme of all things our lives are just a fleeting moment, therefore it’s not so much what we do now but what we leave for all future generations. That is our true legacy. http://www.warwickdailynews.com.au/news/nuclear-being-downplayed/2865565/
Queensland govt plans to extinguish Native Title for Adani’s coal mine
Wangan & Jagalingou People:
Qld Government Plans to Extinguish Native Title for Adani’s Coal Mine A New Low in Violating Traditional Owners Rights http://wanganjagalingou.com.au/qld-government-plans-to-extinguish-native-title-for-adanis-coal-mine-a-new-low-in-violating-traditional-owners-rights/
http://wanganjagalingou.com.au/author/wj/
http://wanganjagalingou.com.au/news/
27 Nov 15:
“‘Not here, not now, not this time’ say Traditional Owners
Adrian Burragubba, senior spokesperson of the
Wangan and Jagalingou (W&J) Traditional Owners’ Council, has strongly condemned plans by Queensland’s Coordinator General Barry Broe, under the imprimatur of Minister for Mines Anthony Lynham, to extinguish native title on parts of the W&J’s traditional lands in the Galilee Basin in order to enable Indian giant Adani to develop infrastructure for its $16.5bn Carmichael coal mine, the biggest in Australian history.
The plans were revealed in documents obtained by the ABC. Mr Burragubba said, “It is beyond comprehension that the Government would consider such a shameful and absurd proposal in an era when our rights are sanctioned under international law; and when we are already in the Federal
Court contesting the State Government and Adani’s attempts to override our rights.”
“Premier Palaszczuk needs to rule out this outrageous proposal immediately”, Mr Burragubba said. “I assure the Premier she will be bringing on one of the biggest human rights battles we’ve seen in Queensland in a long time. If destroying our rights and handing our lands to a foreign
mining company is on her agenda, she better think again.” … “
Queensland govt joins community in ‘major concerns’ over nuclear waste facility at Oman-ama
Queensland Government says it has ‘major concerns’ over nuclear waste
facility at Oman-ama RENEE VIELLARIS FEDERAL POLITICS THE COURIER-MAIL NOVEMBER 20, 2015
THE State Government could team up with a local community to stop a proposed nuclear dump. A landholder at Oman Ama, 250km southwest of Brisbane, is competing against five other locations across Australia to become the nation’s first nuclear dump site.
The news shocked local residents throughout the Darling Downs, with some fearing terrorists attacks and worried for their long-term health.
The Commonwealth Department of Industry, Innovation and Science sent representatives to meet with residents at Inglewood this week.
Energy Minister Mark Bailey said the State Government was given limited information about the Turnbull Government’s recent announcement about its preferred sites.“Queensland currently prohibits the construction of a facility to hold nuclear waste, under the Nuclear Facilities Prohibition Act. The Government has no plans to alter the legislation,” Mr Bailey told The Courier-Mail yesterday.
“The Queensland Government has major concerns that a nuclear waste dump could be located so close to a community.”…….http://www.couriermail.com.au/news/queensland/queensland-government-says-it-has-major-concerns-over-nuclear-waste-facility-at-oman-ama/story-fnihsrf2-1227616109317
Ipswich, Queensland, at risk from nuclear waste,
Ipswich at risk from nuclear waste, Queensland Times Joel Gould | 20th Nov 
2015 THE FIGHT is well and truly on to stop hundreds of trucks a year loaded with radioactive nuclear waste from moving through Ipswich towards a national repository near Inglewood.
A site at Oman Ama is one of six slated by the Federal Government to store nuclear waste which has been slammed as “an environmental disaster waiting to happen” by Cr Paul Tully, who is also the national secretary of the Australian Nuclear Free Zones Secretariat.
Cr Tully said the federal Energy Minister Josh Frydenberg was “putting major cities across southeast Queensland under threat with hundreds of trucks a year carrying dangerous radioactive waste across the region”.
Cr Tully, who called the plan “total lunacy”, said Ipswich did not want such dangerous material transiting through the city.
“It will be a national repository which means that radioactive waste from North Queensland as well as southern states of Australia will come into south Queensland,” he said.
“Anything coming up the Pacific Highway will go through Brisbane, Ipswich and Toowoomba and anything coming from North Queensland would as well.
“So it does hold concerns that hundreds of trucks a year could be coming through our area.”A lot of it would come up through central NSW of course if they do select this site, which is one of six in Australia that has been nominated for further investigation.
“But if a truck, semi-trailer or B-double laden with this material had an accident and caught fire or rolled into a creek or river bed, then that is an issue. Brisbane, Ipswich and Toowoomba residents will be concerned at this act of madness by the federal government.” Continue reading
Inglewood residents tell govt – “No nuclear waste dump here”
Residents tell officials they don’t want nuclear waste, ABC Radio PM Annie Guest reported this story on Wednesday, November 18, 2015 DAVID MARK: Residents of the southern Queensland town of Inglewood have told Government officials they don’t want Australia’s first permanent nuclear waste facility in their community.Most residents say they were worried about safety risks and property values declining, but one woman said the waste from the nuclear medicine that saved her husband’s life must be stored somewhere.
Annie Guest reports from Inglewood…….http://www.abc.net.au/pm/content/2015/s4354831.htm
Public meeting in Oman Ama vents opposition to nuclear waste site proposal
Southern Queensland community Oman Ama vents fears over potential nuclear waste site, ABC News, 18 Nov 15 Residents of a Queensland southern border community earmarked for a nuclear waste dump have gathered for a public meeting to voice concerns about the proposal.
Oman Ama, near Inglewood, is one of six sites shortlisted to host the country’s first permanent nuclear waste dump.
It comes with a $10 million sweetener but that is not enough to convince many local residents of the small rural community……The Federal Government wants one site in Australia and is due to make a decision by the end of 2016, with the site operating by 2018, or 2020 at the latest.
Government experts are trying to allay their fears with claims the dump will not be built anywhere if there is an environmental risk.
Oman Ama locals mainly asked about the risk if the waste escapes, how long it took to break down, what happens in a flood and how can they be sure it is safe.
Some yelled out their opposition, which drew claps from the audience.
Gavan Lahey said he was concerned the local catchment would be polluted……..http://www.abc.net.au/news/2015-11-18/oman-ama-vents-fears-over-potential-nuclear-waste-site/6952492
Toowoomba shop owner Peter Campbell sees nuclear waste dump as a joke
Comic book seller says nuclear waste dump for southern Queensland has great potential ABC Southern Qld ,By Peter Gunders , 17 Nov 15 Peter Campbell does not claim to be a nuclear energy expert, scientist, or waste disposal expert.
But he knows his chosen industry — pop culture — and in that capacity, he cautiously welcomes the idea of a nuclear waste dump in his backyard of southern Queensland.
Late last week Inglewood, a small town west of Toowoomba, was name-checked as one of six locations shortlisted by the Federal Government as a possible site to store low-to-intermediate level nuclear waste.
“If there’s one thing comics have taught us, it’s that we could all gain superpowers,” Mr Campbell laughed. The co-owner of Brutal Deluxe, a Toowoomba store specialising in comics and video games, said nuclear themes pervaded pop culture.
“Bruce Banner was a normal guy until he was exposed to high levels of gamma radiation, and now he’s the Incredible Hulk,” Mr Campbell said. “Right throughout pop culture, people are always being exposed to radiation.” And if any problems arose at the nuclear dump?
“Well, there is not a gamer on this planet that isn’t playing Fallout 4 at the moment,” he said.
“And that shows that so much fun can be had in a post-apocalyptic nuclear wasteland.”……..http://www.abc.net.au/news/2015-11-16/pop-culture-store-owner-says-nuclear-waste-facility-could-be-fun/6945128
Ipswich’s Councillor Paul Tully urges residents to fight nuclear waste dump plan
Tully speaks out against planned nuclear waste dump http://www.qt.com.au/news/tully-speaks-out-against-planned-nuclear-waste-dum/2841387/, 16 Nov 15 CR PAUL Tully has urged Ipswich residents and the community as a whole to prevent a nuclear waste storage facility less than three hours drive from the city from going ahead.
He said Ipswich had a proud history of preventing similar dumps going ahead within its city borders in the past. He drew the community’s attention to the issue on his Facebook page.
“The Federal Government has picked a potential site – one of six – near Inglewood 250km southwest of Brisbane to store nuclear waste from Lucas Heights in Sydney’s west and from other states of Australia,” he posted.
“This would mean hundreds of truckloads of hazardous waste coming through Brisbane, Ipswich and Toowoomba via cities and towns in NSW every year.
“Say no to Queensland becoming a nuclear waste dumping ground for the rest of Australia.
The Ipswich community stopped a similar dump at Redbank in 1988 proposed by the state government at the time, which was finally scrapped by the new Goss government in 1989.”
Danger in transporting radioactive trash to Queensland
Goondiwindi mayor raises issues over transport of nuclear waste to Queensland, ABC News 13 Nov 15 The Mayor of a southern Queensland region shortlisted to store nuclear waste is concerned about how it will be transported, but is keeping an open mind to the proposal.
Oman Ama, 250 kilometres southwest of Brisbane,is one of six sites earmarked by the Federal Government, including three in South Australia, one in New South Wales and one in the Northern Territory. Goondiwindi Mayor Graeme Scheu said he did not want to jump to conclusions.
“The main question around it would be transportation, where it goes, so, so many questions that we don’t even have an answer for and the facts,” he said……..
The Federal Government is offering sweeteners to the community that agrees to house nuclear waste…..
Transporting waste to Queensland ‘total lunacy’
National secretary of the Australian local government nuclear free zones secretariat, Ipswich councillor Paul Tully, said “total lunacy” had overtaken the Federal Government.
Mr Tully said the federal Energy Minister Josh Frydenberg will put major cities across southeast Queensland under threat with hundreds of trucks a year carrying nuclear waste across the region.”They will be transporting nuclear waste from the Lucas Heights reactor west of Sydney and other parts of Australia to Queensland,” he said.
“We don’t want Queensland to become the dumping ground for dangerous waste from NSW.”
He said similar plans in 1989 for a radioactive waste dump at Redbank in Ipswich had been thwarted after major environmental concerns were raised.
Kirsten Macey from the Queensland Conservation Council said regional communities should not be used as the scapegoat for a “dirty” nuclear industry. She wants the waste left in Sydney.
“We believe that where the regulator is – where they have the capacity to store it and monitor it, that’s where the nuclear waste should be stored,” she said. “That’s at Lucas Heights where the nuclear waste is being generated.”http://www.abc.net.au/news/2015-11-13/mayor-goondiwindi-transport-nuclear-waste-queensland/6937570
Darling Downs, Queensland, residents shocked at proposal to site nuclear waste there
Darling Downs locals opposed to potential Oman Ama nuclear storage site, 9 News, 13 Nov 15, A property near the Darling Downs town of Oman Ama has been shortlisted by the Federal Government as a potential storage site for low-to-intermediate nuclear waste, but locals have told 9NEWS they are seriously concerned by the plan.“Initally, horror, shock, how could they?” Liff Parr said. “I would hate to find something like that happening in our area,” Jo Clark said.
Locals had not received any notice of the plans, Andrew Clark-Dickson said. “Up until seven o’clock this morning I knew nothing about it,” he said. “It’s got to be put somewhere, but I really don’t think it should be on top of the Murray-Darling Basin.”
Organic olive farmer Gesine Owen echoed his concerns. My biggest fear is the water contamination,” she said. Ms Owen said she had spent many years investing in infrastructure to attract tourists to the town.“We just don’t see why we should be picked,” she said.
The residents realise one landowner has volunteered to sell their property for the purpose of establishing a nuclear waste site, with the government offering to pay four times market value for the selected site………
The Australian Nuclear Free Alliance said Australian Aboriginal communities “are reeling from this announcement”.
“We are concerned about the lack of consultation with Aboriginal communities, which are already under attack due to unconventional gas mining, coal proposals and the roll-back of Aboriginal heritage protections,” Alliance co-chair Adam Sharah said in a statement. http://www.9news.com.au/national/2015/11/13/19/51/darling-downs-locals-opposed-to-potential-oman-ama-nuclear-storage-site#fg1Io11Df1AmGg61.9
Council approval for central Queensland solar farm near Baralaba
Solar farm proposal near Baralaba in central Queensland gets Banana Shire approval, ABC News, 2 Nov 15 By Jessica Lodge and Jacquie Mackay The Banana Shire Council has given approval to the solar energy company FRV to develop a solar farm near Baralaba in central Queensland. In September, the Central Highlands Regional Council gave the same company approval to develop solar operations at Tieri.
Banana Shire Mayor Ron Carige said the project could create up to 200 jobs during the construction phase.”It’s a great opportunity for not only for the shire but for the community around Baralaba itself,” he said.
“So it’s right near the substation at Baralaba and the total area is 730 hectares but the panels will take up approximately 660 hectares, so it’s quite a large project.”
Councillor Carige said it was a great opportunity for the region moving forward………..http://www.abc.net.au/news/2015-11-02/green-light-for-solar-farm-near-baralaba-in-central-qld/6904428
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