Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
Indian conglomerate Adani Group’s $16bn (A$21.7bn) Carmichael coal and infrastructure project in Australia has cleared another major hurdle with Queensland approving a rail line and construction camp.
The mine will consist of six open-cut pits and up to five underground mines
According to a statement from the Queensland ministry of mines it is the “final major State and Federal Government approval” for the proposed mine, set to become Australia’s largest.
The rail section approved this week will form part of the 389 kilometre heavy haul railway line from the mine in the Galilee Basin to the coal export Port of Abbot Point.
The project still needs a water licence approved and hopes to secure a Federal Government loan reports ABC:
The mine will consist of six open-cut pits and up to five underground mines, and will supply Indian power plants with enough coal to generate electricity for up to 100 million people.
The controversial project involves dredging 1.1 million cubic metres of spoil near the Great Barrier Reef Marine Park, which will then be disposed of on land.
Since first proposed, Carmichael has faced opposition from organizations ranging from the United Nations to various environmental groups.
Galilee Basin coal export projects map. (Courtesy of GalileeBasin.org)
The project was approved by the Australian government over a year ago, under what environment minister Greg Hunt called “the strictest conditions in Australian history.”
Adani has said legal costs and cutting its way through the environmental hurdles had so far cost it $120 million.
According to official estimates, Carmichael will contribute some $3 billion a year to Queensland’s economy and has the potential to create 6,400 new jobs: around 2,500 construction positions and 3,900 operational posts. Adani hopes to start construction in the second half of next year.
3 Comments
aaarrgh
ok, most misleading title ever! Some perspective please….if 600km is considered ‘near’, then ok. Also, 1.1millon cubic metres vs the >11miilion cubic metres to be dredged as part of the Townsville port expansion. ….and if you are going to use a picture of a coal mine and imply that this is what it will look like, then name it!
aaarrgh
apologies for the spelling….shouldn’t type mad. Also consider that the Townsville port expansion will dump spoil on the margin of the GBRMP. Reporting without judgement….I am not declaring whether the project is good for the communities or the country or the environment, but if you are going to quote numbers, put them into perspective with other mining and/or port-related industries!
RD
I was about to add the same comments as “aaarrgh”