Gautam Adani during a meeting with Premier Annastacia Palaszczuk at the Port of Townsville. Pics Tara Croser.
Gautam Adani during a meeting with Premier Annastacia Palaszczuk at the Port of Townsville. Pics Tara Croser.

Adani breaks silence on loan veto

MINING giant Adani has broken its silence on the future of its controversial Carmichael Mine project after Labor vetoed a $1 billion federal loan.

Premier Annastacia Palaszczuk yesterday made good on her promise to veto the Northern Australia Infrastructure Facility loan to the Indian mining giant for the construction of a rail line.

Ms Palaszczuk wrote to the prime minister, hours after her new cabinet was sworn in, saying financial assistance should not be provided for the company's north Galilee Basin rail project.

The veto was one of the first acts Ms Palaszczuk undertook after reclaiming office.

Adani responded to her move by saying it would not alter its plans. It had declined to comment on the controversy during the election.

Queensland Premier Annastacia Palaszczuk, speaks with media at the Port of Townsville Warf 5 for the Adani Mine announcement. Picture: Wesley Monts
Queensland Premier Annastacia Palaszczuk, speaks with media at the Port of Townsville Warf 5 for the Adani Mine announcement. Picture: Wesley Monts

"Adani Australia will now fully consider and adjust to the constraints the veto of funding brings," a spokesman said.

"Adani Australia is 100 per cent committed to Queensland, we have a strong regional Queensland presence. This will not change."

The decision to veto the loan has been criticised by the Federal Coalition Government, which says it will put the entire multi-billion dollar project in jeopardy.

Ms Palaszczuk has said Adani assured her it could fund the rail line itself through other means if necessary.

The Adani spokesman congratulated Premier Palaszczuk on her government's election.

"We look forward to working closely and cooperatively with the state and federal governments and regulatory authorities as we get on with the job of making all of our projects a reality.

"Adani Australia currently employs over 800 people and has invested over $3.3 billion in Queensland, which is one of the biggest investments by an Indian company in Australia.

"We would not be investing our time, money and energy in this manner if our projects were not viable and if we were not serious about delivering our projects which will ultimately generate more than 10,000 direct and indirect jobs across all of our projects.

"In particular, the Carmichael Mine has been verified by independent third parties to be in the first quartile of the cost of production in the global cost curve for seaborne thermal coal.

"The projects are viewed in a positive light by the Queensland Government and considered as critical infrastructure investments. The projects continue to retain the support of the Queensland Government.

Adani Australia CEO Jeyakumar Janakaraj and Queensland Premier Annastacia Palaszczuk, speak with media at the Port of Townsville Warf 5 for the Adani Mine announcement. Picture: Wesley Monts
Adani Australia CEO Jeyakumar Janakaraj and Queensland Premier Annastacia Palaszczuk, speak with media at the Port of Townsville Warf 5 for the Adani Mine announcement. Picture: Wesley Monts

"Our renewable project in Queensland, Rugby Run solar farm project has successfully executed a power purchase agreement for Phase I - 65 MW out of total 170 MW. The project is in advanced stages of development and early work will be commencing in early 2018.

"Adani Australia's Carmichael Mine and associated infrastructure, along with all of our Australian projects, will strengthen the relationship between Australia and India, creating even more opportunities for trade and jobs into the future."

The statement from Adani generated a debate on the company's social media page.

Tracey Bazzo said Adani was appreciated in North Queensland.

"They have worked hard to give everyone a go," she said.

"We (North Queensland) people have suffered. We are still trying to overcome Cyclone Debbie.

"We are still trying to pay our mortgage. We have had nothing for nearly 10 years. We need this injection of jobs (and) security.

"So you people that live in cities can bugger off.

"Governments have ignored us. Adani is the best thing for us. You can hate me. I don't care. Thank you Adani."

Adani responded by saying: "Thank you for those kind words, we're building every day."

Likewise Dave Browne called for people living south of Rockhampton to stay out of the debate.

"This is good for us above that point," he said.

"(If you) don't like it, the rest of Queensland, (you can) go out to Alice Springs and leave the rest of us alone. I am already seeing a benefits."

Others pointed to alleged corruption from Adani, to which the company responded by directing them to its information page.

 

What is Adani

Adani's businesses include coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation and transmission, as well as gas distribution.

It acquired the Abbot Point Coal Terminal in 2011 and purchased of Abbot Point BulkCoal Operating business in 2016.

Adani is behind the Carmichael coal mine project which includes an open-cut and underground coal mine with a yield of 60 million tonnes per annum and a 189km railway line.



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