Category Archives: Carmichael coalmine

Adani claims US investment firm’s fraud allegations are an ‘attack on India’

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Conglomerate responds to Hindenburg Research report that claimed it was the ‘biggest con in corporate history’

Adani Group has published a 413-page rebuttal of fraud allegations by Hindenburg Research, likening the US investment firm’s report to an attack on India amid mounting financial pressure on the coal conglomerate.

The lengthy response was an attempt to soothe investor concerns and stir nationalist fervour as Adani attempts to complete a US$2.5bn share sale, one of India’s largest ever fundraising campaigns, designed to finance capital expenditure and reduce debt.

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Adani’s Queensland coalmine cited in US investor’s claims of ‘biggest con in corporate history’

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Scathing allegations, which company rejects as ‘baseless’, will hamper access to Wall Street but surging coal price will ease burden, experts say

The ability of Adani Group to raise money will be curbed after scathing allegations in a report by an activist US short-seller, although surging coal prices that underpin the Indian conglomerate’s contentious Queensland operations will help alleviate some pressure, analysts say.

Adani, which operates the Carmichael coal and rail project via its rebranded subsidiary Bravus, is the target of US investment firm Hindenburg Research, which alleges the company has engaged in a “brazen stock manipulation and accounting fraud scheme”.

A private company called Carmichael Rail and Port Singapore Holdings with ties to Adani paid A$147m for unspecified “work in progress” assets from the Australian operations, without a detailed description.

The same private company paid A$155m for the right to use the rail facilities at the Queensland operation.

The private Carmichael company also received A$100m from an Adani subsidiary to pay off debt.

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Secret dealings: state-owned Queensland water company refuses to outline Adani relationship

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Sunwater says documents confidential after right-to-information request reveals dealings with mining giant

A Queensland government-owned water corporation is holding back 96 documents detailing its business dealings with Adani, refusing to answer questions or release any information about the nature of agreements it says are commercial in confidence.

The source of the billions of litres of water Adani needs every year for its Carmichael coalmine in central Queensland has been shrouded in secrecy since its bid to pipe from the Suttor River was overturned by the federal court.

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Adani drops $600m claim against Queensland activist and seeks $17m instead

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Mining giant claims Ben Pennings sought to disrupt operations of the Carmichael coalmine, its suppliers and contractors

Mining giant Adani has revealed it was seeking to claim more than $600m in damages from an environmental activist, a figure it has now dropped from its civil case against Ben Pennings.

Adani claims Pennings, as the national spokesperson of the group Galilee Blockade, sought to disrupt the operations of the Carmichael coalmine, its suppliers and contractors.

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‘Highly implausible’ that new Galilee Basin coalmines would be profitable, study finds

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Report says Adani’s Carmichael mine in central Queensland seems ‘rather a political decision, not an economically driven one’

Any new coalmines in Australia’s Galilee Basin, including Adani’s Carmichael mine, will not be economically viable in the long run under even the most generous assumptions about the future of the fossil fuel, according to an analysis by German academics.

The study, developed in conjunction with Australian experts, found it was “highly implausible” that mines in the central Queensland basin could run profitably and there was a high chance they would end up as stranded assets.

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Anthony Albanese backs Adani coalmine but criticises proposed Collinsville power plant

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The ALP leader says a feasibility study into a new coal-fired power station in Queensland is ‘hush money’ for climate sceptics

Anthony Albanese says he supports jobs and economic activity from the Adani coalmine, but he has blasted a feasibility study into a new coal-fired power plant in Collinsville as “hush money” for climate sceptics in the Coalition.

In Queensland on Wednesday for his fourth “vision statement” since taking the Labor leadership, Albanese told reporters the ALP needed to improve its electoral performance in the state given the poor showing in last year’s federal election. He said he was listening to voters in a number of regional centres.

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Clive Palmer company reapplies for mine four times size of Adani’s Carmichael

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Exclusive: public notice on proposal was placed in classifieds of paper in Queensland town of Emerald

A Clive Palmer-controlled company has applied for a mining lease and environmental authority to build a massive coalmine four times the size of Adani’s in the Queensland Galilee Basin.

The Galilee Coal project – formerly called China First – has not progressed since it gained federal environmental approval in late 2013.

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Culture shock: politics upended in era of identity

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Two worldviews face each other uncomprehendingly – and the flashpoint is the climate emergency

This is the first piece in a new series on what the election result means for the progressive side of politics and the path forward

Political commentators reflexively overinterpret election results. The story we’ve been told is that the Coalition’s win means that “Australian voters” have rejected Labor’s radical plan for reform of the tax-and-spend system, confirming that Australians prefer stability and incremental change.

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Queensland signs off Adani’s plan for endangered black-throated finch

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Coordinator general releases decision to approve the coal mine’s management plan for bird

The Queensland government has signed off on Adani’s black-throated finch management plan, one of two state approvals the company needs to begin preparatory construction for its Adani coalmine.

Queensland’s coordinator general published the decision on Friday morning.

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Federal election 2019: Penny Wong and Kristina Keneally join Labor MPs backing Albanese for leadership – politics live

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ALP searches for a new leader to replace Bill Shorten as Palaszczuk seeks Adani approval timeline by Friday. All the day’s events, live

Prime Minister @ScottMorrisonMP & I met with Reserve Bank Governor Philip Lowe in Sydney this morning.

The independent @RBAInfo helps maintain stability of our currency as well as the employment, economic prosperity & welfare of the people of Australia. pic.twitter.com/moLeByzxbK

I'm not saying "economic anxiety" isn't often a euphemism for racism. But we prob should stop wondering why Townsville people are receptive to any hope of jobs pic.twitter.com/W4ir9Xa2Di

You’ll notice how often jobs comes up in this piece. Townsville is absolutely struggling. And minor parties did make all the difference.

Related: The story behind Herbert, the most marginal seat in the country – Australian politics live podcast

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Adani deal with Myanmar military-linked company raises human rights alarm

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Australian expert worries Queensland coal may help fund armed forces accused of genocide

The Adani Group has signed a US$290m commercial deal with a holding company controlled by the Myanmar armed forces, who have been accused by UN investigators of committing genocide and crimes against humanity.

The Indian conglomerate behind the controversial Carmichael coal project in north Queensland was granted permission in April to develop a container port in Yangon, on land owned by the Myanmar Economic Corporation. The MEC generates significant revenue for the Myanmar military, known as the Tatmadaw.

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