Skip to main content

Adanis' dream for concessional loan for coalmining project in Australia "dash", as Queensland govt backtracks

Queensland premier Annastacia Palaszczuk
By Our Representative
In a surprise move, Australian state Queensland’s Premier Annastacia Palaszczuk has declared that she is not going to provide concessional loan support to fund the infrastructure for the powerful Indian group Adani’s $16.5 billion Carmichael coalmine in the Galilee basin. Earlier reports said the state government had “agreed” to provide the loan.
Taking note of the development, an Australian media report commented, “Prospects for the controversial Adani coal mine have dimmed further after the government said it wanted no role in any federal loan to support the project.”
In a statement on Saturday, Premier Palaszczuk said that "consistent with our election commitments, cabinet has determined that any (Northern Australia Infrastructure Facility) loan needs to be between the federal government and Adani".
“If the NAIF does provide funds for the 388 kilometre, $1 billion-plus rail link to support the proposed Carmichael mine, it will do so without the support of the state government. The NAIF's guidelines say loans should ‘align’ with a state's needs”, the report said.
The Queensland premier was quoted as saying, "If Prime Minister Malcolm Turnbull wants to spend his money in this way, that's his decision."
Top anti-mining group Environmental Justice Australia interpreted this as meaning that Queensland has blocked any NAIF loan to Adani under the current laws. "If Queensland is not a part of any agreement for NAIF funding, then, in our view, Adani's railway line cannot receive NAIF concessional loans under the current legal framework", it said.
The NAIF abstention comes a day after the state government called a snap cabinet meeting to settle on the royalty plan to be offered to the Adani Group.
“While touted as a $16.5 billion project – excluding the railway and port expansion – the mine is looking increasingly less ambitious, if it gets built at all. Rather than 60 million tonnes, annual output is likely to be much less than the ‘mega’ scale promoted, and a price tag is closer to $4 billion at least for the start”, the report said.
The development has taken place even as mine opponents stepped up their campaign against the Adanis, saying, the project has the potential to open up a huge new coal province at a time when the world has to prepare for a net-zero carbon emissions future to curb climate change.
They also point to the vulnerability of the Great Barrier Reef where about 50 per cent of its corals have died in the past two summers alone after unprecedented bleaching caused by heat stress.
Another environmental group Get Up in a statement welcomed the development, saying, "Queensland Labor are holding firm to their promise at the last election not to throw taxpayer funds at Adani's coal rail line, by refusing to hand over money from Senator Canavan's slush fund," though adding, "The pressure is now on the federal government to put an end to special treatment for the megamine."
Meanwhile, “The Guardian” reports, the announcement by the Queensland premier “represents a significant departure from a previous deal reportedly struck with the company to cap its royalty payments, meaning Adani would only pay $2m annually over the first seven years of the mine’s operation, giving the miner a $320m loan.”

Comments

TRENDING

Buddhist shrines massively destroyed by Brahmanical rulers in "pre-Islamic" era: Historian DN Jha's survey

Nalanda mahavihara By Our Representative Prominent historian DN Jha, an expert in India's ancient and medieval past, in his new book , "Against the Grain: Notes on Identity, Intolerance and History", in a sharp critique of "Hindutva ideologues", who look at the ancient period of Indian history as "a golden age marked by social harmony, devoid of any religious violence", has said, "Demolition and desecration of rival religious establishments, and the appropriation of their idols, was not uncommon in India before the advent of Islam".

Liberating Bengal Hindus? Worst flames of communal division, lessons from the past

By Shamsul Islam*  The whole thrust of the RSS-BJP election campaign for 2021 state assembly elections in West Bengal has been to save Bengal from the rule of Mamata Bannerjee who is allegedly not a ‘Hindu’. Prime Minister Narendra Modi, a self-proclaimed Hindu nationalist, as usual set the polarizing agenda. While addressing the first election rally, he called upon the electorate to overthrow the ‘nirmam’ (cruel) rule of Mamata by showing a ‘Ram Card’. He did not name Hindus directly but there was no confusion about the religious identity of the electorate Indian PM was addressing to.

Pradeep Bhattacharya, who spent his life for the cause of working masses, rational thinking

By YS Gill*  At 11:30 pm on May 3, 2021, I lost my best friend and comrade Pradeep Bhattacharya. He spent his life dedicated to the cause of the working masses and rational thinking. A person of thorough scientific outlook and a well-read student of Marxian thought, he was a walking encyclopedia and could speak on a wide variety of topics from art and culture to science, philosophy, history and politics.

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

Rs 5 crore 'demand' for India Today anchor: What about 52 lesser souls who died in April?

By Vidya Bhushan Rawat*  A well known Hindutva protagonist masquerading as journalist passed away recently resulting in messages of condolences and tribute right from the Prime Minister and the Home Minister to progressive liberals expressing grief of his untimely death. It is said that he passed away due to cardiac arrest, though the fact is, he was also Covid infected. The Prime Minister and the Home Minister termed him a ‘brave’ journalist, insisting, his passing away has left a big ‘vacuum’.

Modi's Hindutva 'ensuring' empowerment of rich, disenfranchisement of poor

Bhabani Shankar Nayak*  The Hindutva socio-psychopaths are neither nationalists nor patriotic people. These medieval reactionary forces don’t understand the idea of citizenship, justice, liberty, equality and humanism. Indian democracy is merely an electoral transaction for the Hindutva forces. Hindutva forces neither follow science nor understand the sufferings of fellow human beings. These core qualities are common among the Hindutva forces in India.

Communal rhetoric? Hindutva preached by RSS-BJP is 'monolithic', not Hinduism

By Prem Verma*  I am a devout Hindu but not a believer of RSS Hindutva form of Hinduism which brings about hatred of other religions. My Hindu religion has not taught me to look down on other religions and neither has it instilled in me to go about converting others to my religion because my religion is superior.

India's Covid-19 'nightmare': A product of majoritarian Hindutva ideological praxis?

By Bhabani Shankar Nayak*  Indians struggle to find place and time to bury their dead due to the devastating effects of the second wave of Covid-19 in India. The crematoriums in the capital cities are overflowing with dead bodies. People are dying without oxygen and basic medical support. The cities like Delhi and Mumbai are struggling to cope with the rising number of infections and COVID-19 led deaths. The deaths and destitutions are products of a defunct BJP government led by Narendra Modi.

Despite crisis, Modi's Hindutva strategy 'increased' mass base in society and polity

By Bhabani Shankar Nayak*  Narendra Modi and his RSS brethren can qualify as masters of fake claims. There is a long lists of lies spread by RSS, BJP and their IT cell workers. It is not a personality disorder or lying with fear. They are trained to defend Modi and his government’s decisions in whatever possible way. They defended demonetisation by arguing that it is “an important step” in his fight against black money and corruption.

Indian media persons collapsing to Covid disease as fast as 3 per day, third highest

Yogesh Sharma, Shailesh Rawal  By Our Representative  The Switzerland based media rights and safety body, Press Emblem Campaign ( PEC ) has said that it is “alarming for Indian journalists”, who have lost at least 107 colleagues to Covid-19”, noting, Indian “journo-colleagues” have been collapsing to the Covid-19 complications now as fast as three scribes per day. In a statement, PEC said, “India with 107 media corona-casualties has already placed itself on the third position just below Brazil (181 dead) and Peru (140) in the list of Covid-19 victims among journalist.”