Resources, Government - Adani To Begin Carmichael Mine Construction
Adani says initial construction on the proposed Carmichael mine and rail project in central Queensland will go ahead, and it will be self-financed.
"We have finance and we are ready to start," said Adani Mining CEO Lucas Dow, "We will now begin developing a smaller open-cut mine comparable to many other Queensland coal mines and will ramp up production over time."
Self-financing may have been the last hope for the mine, as environmental campaigners have put pressure on banks and businesses not to fund the project. With a federal election coming up, green groups hope to make this a campaign issue for politicians in the two major parties.
"Do they support opening up a massive new coal basin right when the world’s climate scientists desperately warn we must rapidly transition away from burning fossil fuels to halt global warming?" posited Australian Conservation Foundation chief executive Kelly O'Shanassy. "Or do they stand with the millions of Australians who want this mine stopped to help secure a safe climate and stable communities?"
Adani wants production to start at 15 millions tons per year and then ramp up to 27 million tons. It's a big step down from the company's initial production target