IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Indian conglomerate Adani Group’s $16bn (A$21bn) Carmichael coal mine and rail project in Australia is closer than ever to receiving the green light after a federal court rejected Friday a man’s native title claim.
Since first proposed, Carmichael has faced relentless opposition from organizations ranging from the United Nations to green groups.
Adrian Burragubba, a member of the Wangan and Jagalingou People, was challenging a National Native Title Tribunal decision that allowed the Queensland government to grant Adani all the necessary licences to begin construction, Australian Broadcasting Corporation reports.
He had argued the tribunal had failed to take into account material he placed before it and that Adani had dishonestly misled the tribunal on the economic benefits of the mine.
Since first proposed, Carmichael has faced relentless opposition from organizations ranging from the United Nations to green groups fighting new coal projects, which has scared banks from lending to the project.
Galilee Basin coal export projects map. (Courtesy of GalileeBasin.org)
In August last year, a federal court had revoked the actual approval, citing environmental concerns.
But the project was later approved by the Australian government, 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 estimations, Carmichael will contribute $2.97bn each 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.
Comments
Altaf
In the last 20 years or so, Chinese have invested massively in resources all across the globe. Every thing was smooth. When India for the first time entered global investments for the first time, every one is checking “how not to let the mine start”. Why is that? Should India always import from others? Chinese have always undercut or outbid India in lots of global oil or coal or iron ore resources.
There are only two projects Indians have taken up. One is this Adani project. Another is GVK coal mine, some where near to Adani project. Both got stuck up in red tape.
Environmental concerns are genuine concerns and can be handled. But such doubts crop up when the same issue are repeatedly raked up by vested interests and repeatedly taken up by authorities after clearing them earlier. After all how long it takes them to start a project?