Skip to main content

Controversial Adani coal-mining project, uranium supply top on agenda during Modi's November Aussie visit

Adani with Modi
By Our Representative
Following India’s sharp differences over the World Trade Organisation’s plea to sign an international trade deal, found reflected in US secretary of state John Kerry telling Prime Minister Narendra Modi that India’s stance has sent “wrong signal”, Modi has found a new friend – Australia. Aussie news portal http://www.southasiatimes.com.au/ has reported that Modi is will be on an official visit of Australia on November 15-16. He will be attending the G-20 summit, which is to take place in Brisbane. It adds, “Modi will be the first Indian Prime Minister to visit Australia, after Rajiv Gandhi came here in 1986, i.e. 28 years ago”. Modi last visited Australia as Gujarat chief minister in December 2004 to campaign for the Vibrant Gujarat investment summit of January 2005.
The portal underlines, the visit would come in the backdrop of the Queensland provincial government’s recent controversial environmental clearance to Adani’s Carmichael Coal Mine and Rail Project, one of the largest in Australia. “Adani is considered close to Prime Minister Modi”, the portal says, adding, “Adani has received flak for his coal project from environmental and financial experts for danger to the world heritage Great Barrier Reef.” Greenpeace has warned the Adani group it should not think it is going to be “end of the story”.
The portal quotes reports, quoting expert economic consultants, that Adani project is “not unviable”. According to the portal, it is “estimated to cost A$16.5 billion covering Greenfield construction of the mine, the railway and the coal export terminal, plus the associated water, road, airport, power and water infrastructure”. While the portal believes that the issue of Australia exporting uranium to India, agreed upon the previous Labour government, might be discussed, Modi would press on importance of the Adani project.
The recent Adani agreement with South Korean major Posco for the coal mining project is being closely watched by keen watchers, known to have been studying the whole controversy. The Institute for Energy Economics and Financial Analysis (IEEFA), a Cleveland, Ohio, US-based independent research group, has said that the Posco deal is likely to “send shiver down the spine of global coal investors.”
IEEFA says, “Adani suggests a key aspect of this agreement is that Posco will provide some equity financing for the rail project, and that Posco’s involvement should open up debt project financing from Korean banks.” Tim Buckley, IEEFA’s Director of Energy Finance Studies, Australasia, said, “This project requires a thermal coal price well in excess of US$100/t to be commercially viable – it is currently sitting at US$60/t to US$70/t.”
While Adani has been accused by environmentalists in India and Australia for "overlooking" the damage to ecological concerns at Adani Port and SEZ in Gujarat and the coalmining project in Australia, Posco is under fire in Odisha for its alleged move to "displace" thousands of tribals from their land while implementing its port-to-steel project. While the Adanis were recently given clearance by the Supreme Court for its port and SEZ project, Greenpeace continues with its campaign against the Australian project even now.
Buckley said, “Adding 60Mtpa of additional supply will have a materially adverse impact on the global seaborne price of thermal coal. 60Mtpa equates to a 6% expansion of global supply, at a time when most coal mining companies are evaluating mine closures. Opening up the Carmichael project will help facilitate upwards of 200Mtpa of additional thermal coal supply. Combined, a 30% expansion of global supply over the medium term will see the global thermal coal remain under pressure, and could in isolation drive the long term coal price permanently down 20% from current commodity analysts’ projections.”

Comments

TRENDING

Bill Gates as funder, author, editor, adviser? Data imperialism: manipulating the metrics

By Dr Amitav Banerjee, MD*  When Mahatma Gandhi on invitation from Buckingham Palace was invited to have tea with King George V, he was asked, “Mr Gandhi, do you think you are properly dressed to meet the King?” Gandhi retorted, “Do not worry about my clothes. The King has enough clothes on for both of us.”

What's Bill Gates up to? Have 'irregularities' found in funding HPV vaccine trials faded?

By Colin Gonsalves*  After having read the 72nd report of the Department Related Parliamentary Standing Committee on alleged irregularities in the conduct of studies using HPV vaccines by PATH in India, it was startling to see Bill Gates bobbing his head up and down and smiling ingratiatingly on prime time television while the Prime Minister lectured him in Hindi on his plans for the country. 

Displaced from Bangladesh, Buddhist, Hindu groups without citizenship in Arunachal

By Sharma Lohit  Buddhist Chakma and Hindu Hajongs were settled in the 1960s in parts of Changlang and Papum Pare district of Arunachal Pradesh after they had fled Chittagong Hill Tracts of present Bangladesh following an ethnic clash and a dam disaster. Their original population was around 5,000, but at present, it is said to be close to one lakh.

Muted profit margins, moderate increase in costs and sales: IIM-A survey of 1000 cos

By Our Representative  The Indian Institute of Management-Ahmedabad’s (IIM-A's) latest Business Inflation Expectations Survey (BIES) has said that the cost perceptions data obtained from India’s business executives suggests that there is “mild increase in cost pressures”.

Anti-Rupala Rajputs 'have no support' of numerically strong Kshatriya communities

By Rajiv Shah  Personally, I have no love lost for Purshottam Rupala, though I have known him ever since I was posted as the Times of India representative in Gandhinagar in 1997, from where I was supposed to do political reporting. In news after he made the statement that 'maharajas' succumbed to foreign rulers, including the British, and even married off their daughters them, there have been large Rajput rallies against him for “insulting” the community.

Magnetic, stunning, Protima Bedi 'exposed' malice of sexual repression in society

By Harsh Thakor*  Protima Bedi was born to a baniya businessman and a Bengali mother as Protima Gupta in Delhi in 1949. Her father was a small-time trader, who was thrown out of his family for marrying a dark Bengali women. The theme of her early life was to rebel against traditional bondage. It was extraordinary how Protima underwent a metamorphosis from a conventional convent-educated girl into a freak. On October 12th was her 75th birthday; earlier this year, on August 18th it was her 25th death anniversary.

Govt putting India's professionals, skilled, unskilled labour 'at mercy of' big business

By Thomas Franco, Dinesh Abrol*  As it is impossible to refute the report of the International Labour Organisation, Chief Economic Advisor Anantha Nageswaran recently said that the government cannot solve all social, economic problems like unemployment and social security. He blamed the youth for not acquiring enough skills to get employment. Then can’t the people ask, ‘Why do we have a government? Is it not the government’s responsibility to provide adequate employment to its citizens?’

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah*   The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual. 

Youth as game changers in Lok Sabha polls? Young voter registration 'is so very low'

By Dr Mansee Bal Bhargava*  Young voters will be the game changers in 2024. Do they realise this? Does it matter to them? If it does, what they should/must vote for? India’s population of nearly 1.3 billion has about one-fifth 19.1% as youth. With 66% of its population (808 million) below the age of 35, India has the world's largest youth population. Among them, less than 40% of those who turned 18 or 19 have registered themselves for 2024 election. According to the Election Commission of India (ECI), just above 1.8 crore new voters (18-and 19-year-olds) are on the electoral rolls/registration out of the total projected 4.9 crore new voters in this age group.

IMA vs Ramdev: Why what's good or bad for goose should be good or bad for gander

By Dr Amitav Banerjee, MD* Baba Ramdev and his associate Balkrishna faced the wrath of the Supreme Court for their propaganda about their Ayurvedic products and belittling mainstream medicine. Baba Ramdev had to apologize in court. His apology was not accepted and he may face the contempt of court with harsher punishment. The Supreme Court acted on a public interest litigation (PIL) moved by the Indian Medical Association (IMA).