Carmichael mine on the verge of collapse
This past week has been a bad one for Adani’s coal mining plans with the Carmichael project in Queensland, first the Queensland Government vetoed a $1 Billion loan from the federal Government which was for a rail line between the mine and the Abbot point coal terminal.
Then today comes the announcement from Downer that they have parted ways with Adani on the Carmichael project which was a potential $2.6 Billion deal. This puts the entire project in doubt as Downer is one of a very small number of companies considered capable of handling the expected 60 million tonnes of coal per year.
This morning we announced that Adani and Downer have mutually agreed to cancel all Letters of Award relating to the Carmichael Coal Mine. We remain committed to growing our Mining division and continuing to deliver outstanding services for our customers in that sector. pic.twitter.com/QxZNH3gVTz
— Downer Group (@downergroup) December 17, 2017
Worlds largest coal port looks to diversify
The port of Newcastle in NSW is the worlds largest coal exporting port and has recently appointed Roy Green as it’s new chairman and upon his appointment he had this to say about the future of the port:
“Clearly the long term outlook for coal is a threat to the Port and Hunter region, but it is also a huge opportunity. While the world’s demand for our coal is beyond our control, our ability to invest in new sources of growth and innovation is not. Among our challenges will be ensuring a level playing field for the development of a viable and competitive container terminal. Said Roy Green, Port of Newcastle Chairman
“Port of Newcastle has already started diversifying, through investments in a new cruise terminal and non-coal freight facilities. But we must build significantly on this platform and create world class port facilities that are able to meet the needs of a rapidly changing Hunter and NSW economy. With a 98 year lease, the Port of Newcastle is obliged to think long term, and it will.
Delighted to be appointed chair Port of Newcastle to contribute to sustainable #growth #innovation & #diversification in Hunter region #economy https://t.co/2ardeTgr3b @JobsforNSW @BusinessNSW @SSENSW #auspol
— Roy Green (@DeanRoyGreen) December 17, 2017
AGL Confirms Liddell Closure
AGL have also confirmed the closure of the Liddell coal fired powerplant in the Hunter region opting for renewable’s over the Federal Government’s favoured choice of extending the life of the plant by 5 years. The reasoning behind the decision being that renewable’s would actually be the cheaper option while also having an extended life cycle.