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  #111  
Old 4th December 2017, 12:10 PM
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Default Re: Adani's Coal Extraction Nightmare

News.com and sky news are reporting that 'Two of China’s biggest banks have ruled out funding the controversial Adani coal mine, in a big blow to the project’s future.'

Quote:
THE future of a controversial Queensland mega-mine has suffered another setback with project funding from China looking increasingly unlikely.
The Greens have heralded the end of the project after a second Chinese bank ruled out providing any funding for the Adani Carmichael coal mine in Queensland’s Galilee Basin.
“Any financier with any sense doesn’t want Adani,” Greens senator Andrew Bartlett told reporters in Canberra on Monday.
“It’s time for Adani to give it up, save their money and for the politicians of Queensland to focus on the issues that will deliver genuine jobs for regional Queensland.”

A swing against the LNP in the recent state election showed that people don’t want corporations getting special deals, Senator Bartlett said. “They want the community put first.” Overnight, The Industrial & Commercial Bank of China (ICBC) responded to reports Adani was seeking Chinese financing by distancing itself from the project.

“ICBC has not been, and does not intend to be, engaged in arranging financing for this project,” a statement on the bank’s website.

Another of the ‘big four’ Chinese banks, the China Construction Bank has already ruled out supporting the project.
http://www.news.com.au/finance/busin...8d69db93d9c482
Good news if its true.
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  #112  
Old 4th December 2017, 07:49 PM
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Default Re: Adani's Coal Extraction Nightmare

Chinese banks can invest in Africa with zero risk.

There is oil and gas to exploit, more mines to open and defend. Gas has been discovered off Mozambique. China wants it.

China will become the largest energy consumer by 2030. Now they are number 2.
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  #113  
Old 4th December 2017, 09:14 PM
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Default Re: Adani's Coal Extraction Nightmare

I think we need a thread for China!

I read somewhere a few years ago that China is extracting it’s own resources at a snails pace while they buy up everyone else’s. I can’t find the article so that may not actually be the case. However, it would make sense if it was true, given their long game approach, but i’m not sure coal is a big priority for them anymore. Is it for anyone beside the LNP and a dodgy corporation?
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  #114  
Old 11th December 2017, 11:24 PM
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Default Re: Adani's Coal Extraction Nightmare

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pipbarber said View Post
I think we need a thread for China!

I read somewhere a few years ago that China is extracting it’s own resources at a snails pace while they buy up everyone else’s. I can’t find the article so that may not actually be the case. However, it would make sense if it was true, given their long game approach, but i’m not sure coal is a big priority for them anymore. Is it for anyone beside the LNP and a dodgy corporation?
They are aggressively moving out of coal for energy (but not for steel)
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  #115  
Old 12th December 2017, 09:25 AM
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Default Re: Adani's Coal Extraction Nightmare

An update:

Annastacia Palaszczuk to officially veto Adani railway loan after swearing in
Letter confirming veto will be sent to Malcolm Turnbull ...


Quote:
The Queensland premier, Annastacia Palaszczuk, will move to officially veto any loan to the Indian mining company Adani from the Northern Australia Infrastructure Facility, as soon as she and her new government are sworn into office.

...

A letter confirming the Adani veto, which marked a turning point in Labor’s campaign, will be sent to the prime minister immediately after Queensland’s governor swears in the new state government on Tuesday {i.e. today}.

“The premier will send the letter the Turnbull government actioning her 3 November announcement to use her government’s veto power to block the Northern Australia Infrastructure Facility loan for the Adani rail project,” a spokeswoman for Palaszczuk said. ...
Let's hope that the end of the Adani mine.
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  #116  
Old 12th December 2017, 12:02 PM
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Default Re: Adani's Coal Extraction Nightmare

Quote:
pipbarber said View Post
I think we need a thread for China!

I read somewhere a few years ago that China is extracting it’s own resources at a snails pace while they buy up everyone else’s. I can’t find the article so that may not actually be the case. However, it would make sense if it was true, given their long game approach, but i’m not sure coal is a big priority for them anymore. Is it for anyone beside the LNP and a dodgy corporation?

It's this, it's far harder to give up using a resource if you have a good part of your infrastructure and population involved in digging up that resource. They aren't trying to save it, they are trying to avoid having an industry based on it. We have a prime example in Australia, where with our climate we should be gung ho recyclable, but are having a hard time giving up fossil stuff because of all the "job losses" and investments already made or planned.


Australia is stuck in a fossil fuel economy, China is trying to avoid that, so why not use other peoples stuff, in fact it's probably cheaper than making the huge investment in their own that would be required to replace it when in a few years they may not need it anyway.


The west is doing a lot of work on fusion at the moment, does anyone imagine China would be happy being left out of that revolution? I very much suspect they are making some big investments of their own. What China is doing makes sense if that is the reason they are doing it. Of course they could be just holding on to their stuff until the rest of us run out and then charge us a premium for it.
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