If all the coal in the Galilee Basin were burned, it would make it just about impossible to stabilize the global climate. Most attention has been focused on the Adani Group’s proposal for an integrated mine-rail-port project to develop its proposed Carmichael mine. There are however a string of would-be followers, including GVK Hancock and Clive Palmer.
The good news is that Adani’s March deadline for financial close, itself a deferral of earlier promises, has passed with no sign of anyone willing to finance the proposal. Even the Abbot Point terminal, which has long-term take-or-pay contracts with existing coal mines, is struggling to refinance its debt.
But there’s no room for complacency.
Having given up the idea of importing coal to its Mundra power station, Adani has managed to talk the government of Bangladesh into buying power from a proposed power station, located in India, but without any access to coal mined in India. Should this go ahead, it would provide a guaranteed market for imported coal, and Carmichael would be the obvious source. Tim Buckley has the details.
And then there’s Clive Palmer. Despite his mounting financial woes, Palmer is seeking approval for another big mine in the Basin, the Alpha North mine owned by his Waratah Coal company.
In this context, I’ll give another plug to The Coal Truth: The fight to stop Adani, defeat the big polluters and reclaim our democracy, a book to which I’ve contributed a chapter.