RoryBreaker
Well-Known Member
http://www.abc.net.au/news/2015-08-...proval-of-adanis-carmichael-coal-mine/6673734
Not for long I fear, money always finds a way. :evil:
Not for long I fear, money always finds a way. :evil:
The Commonwealth Bank's role as adviser to the controversial Carmichael coal mine in Queensland has ended, dealing another blow to the beleaguered project.
The bank's financial advice mandate with Indian mining giant Adani has ended, following a Federal Court ruling that overturned the approval of its coal mine.
"As part of Adani's refocusing of the project on gaining the various outstanding approvals, the financial advisory mandate has ended," a Commonwealth Bank spokesman told AAP on Wednesday.
The termination of the agreement puts another roadblock in the project's path after environmentalists declared victory when the Federal Court ruled the coal mine's approval was invalid.
Environment Minister Greg Hunt conceded to the court he failed to properly assess the project.
In a statement Adani said the "technical legal error" from Minister Hunt's office meant he would now have to reconsider their application.
Environmentalists celebrated both the court ruling and the Commonwealth Bank's conclusion of its mandate with the mining giant.
"The decision comes on the back of a growing public campaign," a GetUp spokesman said in a statement.
"CommBank join eleven other international banks that have pulled out of the project."
Even though the age of coal is coming to an end, both State and Federal governments from Labor, Liberal and Nats have been falling over themselves to make this mega mine happen.
Forget about the enormous damage to the aquifers, forget about the dredging of the harbour and terminal at Abbott Point, it took a small conservation group from the Mackay area to take the company and the federal gov to court and it was the plight of the Yakka Skink and the Ornamental snake that got the temporary halt on the mine........wow.
If only we needed more evidence of just how much of a loose cannon Abbot is. I ain't no screaming leftie, but jeezus wept.
http://www.theguardian.com/environm...the-courts-over-carmichael-ruling-say-lawyers
A clearly frustrated Abbott earlier warned of the domestic economic danger in blocking major projects such as the $16bn Queensland mine.
The coal extracted by mine operator Adani would help power the lives of 100 million Indians, he argued.
This is what gets me.
Perhaps if the Indian government embraced the type of privatisation that is now the norm in most modern economies, the type of practice the right loves to champion, they wouldn't find themselves in a position where it's more economically viable to exploit another countries resources rather than their own.
Yes, resources have driven this countries prosperity. I don't deny that. But I refuse to accept the sympathy card on this one.
Actually that's a firthy .... only those who are directly employed in the mining industries and shareholders of the mining companies have benefitted , a very small part of the population.
Most mines are worked on a FIFO basis in Australia, with the miners spending up to 4 weeks on site in camps and home for 1 week, any wages earnt are NOT spent at the mine or in nearby communities (if there are any) but somewhere remotely from the mine and the camp. The local communities get bugger all benefit , maybe miners will come into to town to boozeup ( and create problems) if they are lucky.
The mine's employees don't in the main even have the option to live in town near the mine (the days of company built rented homes where the miner's rental is "subsidized" as are probably very rare now (I know Rio Tinto and BHP offered this in the Pilbura and NQLD) but I suspect this is no longer offered as an incentive.
Adarmi is over stating any benefits and playing down impacts and costs.
Until we get a prime minister that believes in climate change there is no hope of renewable energy becoming a major focus of the government. You are right the country cannot ride on sheep's back because all the farms are being bought by foreign investors thus all the profits go overseas.
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