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Carmichael coal mine project Australia
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This profile is a priority campaign target

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By: BankTrack
Created before Nov 2016
Last update: 2020-12-03 11:18:37

Contact:

Julien Vincent, Lead Campaigner, Market Forces

climate@banktrack.org


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Carmichael coal mine project. Photo: Courtesy of Tom Jefferson - Greenpeace
Sectors Coal Mining
Location
Status
Planning
Design
Agreement
Construction
Operation
Closure
Decommission
Website http://www.adaniaustralia.com/

About Carmichael coal mine project

The Carmichael coal project, owned and operated by Indian conglomerate Adani, is currently under construction in the Queensland's Galilee Basin. Initial production capacity is projected to be 10 million tonnes of coal per year, though Adani has obtained the approval to produce 60 million tonnes of coal per year. The plan also involves hundreds of kilometres of new railway tracks and new coal port terminals that threaten the Great Barrier Reef. It is estimated to cost AUD 16.5 billion.

The extent and intensity of the impacts associated with this project would be profound. And yet, the Environmental Impact Statement (EIS) is riddled with holes and errors. This raises serious questions about whether the current approvals system is adequately equipped to protect people and the environment from developments that are just too damaging.

Latest developments

The State Bank of India set to offer a US$650 million loan to Adani coal project

2020-12-01 00:00:00

The Queensland Government signs a deal allowing Adani to defer royalty payments

2020-10-01 00:00:00

Why this profile?

The Carmichael coal mine project under construction will destroy the ancestral lands, waters and cultures of Indigenous peoples - who have never given their consent to Adani. The project will also negatively impact the environment and significantly contribute to climate breakdown, by emitting around 4.7 billion tonnes of carbon pollution to the atmosphere over its 60-year lifespan.

What must happen

Banks and other financial institutions should declare their intention not to finance the Carmichael coal mine project.

Impacts

Social and human rights impacts

A report published by IEEFA in May 2014 has shown that coal exported to India from the Galilee Basin in Australia would need a wholesale electricity price, double India's current level, to be viable, categorically discrediting the argument that it might alleviate India's energy poverty.

The Carmichael coal mine is being built on the land of the Wangan and Jagalingou peoples, who strongly oppose the project. In 2018, the Austrialian court quashed a court case by the Wangan and Jagalingou Indigenous people trying to block Adani from developing the Carmichael coal mine. In August 2019, The Guardian reported that Queensland government ''has extinguished the native title over 1,385 hectares of Wangan and Jagalingou country for the proposed Adani coalmine in Queensland’s Galilee Basin - without any public announcement of the decision''. This decision can result in Wangan and Jagalingou protesters to be forcibly removed from their traditional lands.

Environmental and climate impacts

In the orginal plans the coal mine would be responsible for releasing up to 128 million tonnes of CO2 per year from burning the coal, more than the combined fossil fuel emissions of Sweden, Norway and Denmark. The changed plans of Adani in November 2018, in which the capacity is set at 27 million tonnes of coal, would make the mine responsible for emitting an estimated 54 million tonnes of CO2. The mine will cover a whopping 44,700 hectare. Over 10,000 hectare of bushland will be wiped out, much of it home to threatened species. Ten billion litres of water will be sucked up from the surrounding environment and Adani already owns one huge coal terminal at Abbot Point in the Great Barrier Reef World Heritage Area and is proposing two more.

When surveying the site for the EIS, consultants for Adani sighted the endangered Black-throated finch (southern) 89 times. The company plans to clear around 10,000 hectares of important habitat for the species.

The mine will also cause drawdown of groundwater at a Great Artesian Basin discharge spring wetland called Doongmabulla Springs. The springs host endemic and threatened plant species, but these have not been assessed as part of the mine’s EIS. For one threatened plant at least, Doongmabulla Springs provides habitat critical to its survival.

The assessment also fails to analyse the impact of dramatic levels of groundwater drawdown on groundwater-dependent species and communities in the surrounding area, including gorgeous River Red Gums along the banks of the Carmichael, which are Koala habitat. The EIS states that the company expects the mine to cause 30 metre drawdown of groundwater at its greatest impact, resulting in a seven percent reduction in flow of the Carmichael River, and death of downstream vegetation.

A 2017 report by the Climate Council of Australia on the Carmichael coal mine project concluded that: for Australia to play its role in tackling climate change, over 90% of Australia’s existing thermal coal reserves must be left in the ground unburned and no new thermal mines can be developed.

Other impacts

Adani has a history of breaking the rules and causing environmental destruction. Adani's flagship project Mundra, the largest private port in India, is a textbook case of how to flaunt environmental regulations. Adani deliberately concealed and falsified material facts when applying for part of the development. Construction began illegally and officials found multiple violations of the development approval including mass clearing of mangroves which have been the subject of several court cases. Aside from the Mundra port, Adani was investigated by an anti-corruption ombudsman who found evidence of bribery and theft in the export of iron ore and has been the proponent of other environmentally destructive projects.

The Carmichael project is uneconomic: it is a high cost coal product in a low priced coal market with an uncertain future. Carmichael coal has a low quality, but the cost structure is likely to remain above the global thermal coal price for the foreseeable future.

Governance

Applicable norms and standards

1972 Convention on the Prevention of Marine Pollution by Dumping Wastes and other Matters
Alliance for responsible mining
Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act)
Extractive Industries Transparency Initiative
International Council on Mining and Minerals (ICMM)- 10 Principles
OECD Guidelines for Multinational Enterprises
Safety and Health in Mines Convention
United Nations Declaration on the Rights of Indigenous Peoples
Universal Declaration of Human Rights

Updates

The State Bank of India set to offer a US$650 million loan to Adani coal project

2020-12-01 00:00:00

In November 2020, it was reported that the State Bank of India (SBI) is set to offer a US$650 million loan to Adani, enough to keep its Carmichael coal mine project going. The controversial news has led to global opposition. In Sydney, #StopAdani activists walked into the Sydney Cricket Ground protesting against the loan. Amundi, French asset management company, has said it will sell the green bonds it holds in SBI if the bank grants the loan to Adani's Carmichael coal mine.

The Queensland Government signs a deal allowing Adani to defer royalty payments

2020-10-01 00:00:00

On October 1 2020, the Queensland Government signed a deal with Adani to defer payment of royalties on its Carmichal coal mine. This deal allows Adani to increase its cash flow during the first years of the project - which is beneficial for the company given its inability to obtain finance for the project and its 2018 decision to self-fund a downsized version of the project. The Australian Conservation Foundation describes the deal as ''a disgrace'': ''Australia’s big four banks and dozens of other financiers around the world have distanced themselves from Adani, yet the Queensland government has rolled out the red carpet for a mine that will soon become a stranded asset''. (The Guardian)

Adani forced to haul its own coal

2020-09-10 00:00:00

Market Forces reports that Adani will be self-transporting Carmichael coal from pit to port, under the veil of the newly created Bowen Rail Company. According to Market Forces, Adani seems to have hidden this development as all website and media communications do not mention 'Adani' or 'Carmichael'. This development first of all illustrates that the project is getting more expensive, as Adani is not contracting an established haulage provider. Instead, it is forced to start its own haulage company (Bowen Rail Company) and purchase its own trains to transport the coal. The development also shows that Adani could be funneling finance from other Adani companies - specifically Adani Ports and Special Economic Zone (APSEZ), which owns the Bowen Rail Company - into the Carmichael coal project. This means that investors in Adani Ports are at risk of unintentionally funding the Carmichael coal project.

Adani signs a AUS$350 million deal for the construction of rail network

2020-06-04 00:00:00

Adani has signed a AUD 350 million contract with BMD Group for the construction of a rail network at the Carmichael coal mine. The rail network project will consist of 200 kilometres of rail track. The track will enable coal to be transported from the Carmichael mine to the Port of Abbot Point for export.

Adani Mining’s Carmichael coal mine project receives final approval

2019-06-13 00:00:00

Adani Mining’s plan to build a 10 million tonnes open-pit thermal coal mine and associated infrastructure in the Galilee Basin of Queensland, Australia, looks like its moving forward after the company sealed the final approvals it requires to start construction. Lucas Dow, CEO Adani Mining, confirmed that the company had received advice from the Queensland Government’s Department of Environment and Science (DES) that the Groundwater Dependent Ecosystems Management Plan (GDEMP) had been finalised and approved.

Adani changes plans for Carmichael coal mine

2018-11-05 00:00:00

Adani is now planning to build the mine in phases, starting at 10-15 million tonnes per year, with capacity to expand to 27 million tonnes per year (which would still be as big as any other coal mine in Australia), transported along a 200 kilometers narrow gauge rail line that links up with Aurizon’s existing Newlands rail system, which already carries coal to Abbot Point. The plan for a new Abbot Point terminal has been shelved; the existing terminal to have its capacity expanded to from 50 to 60 million tonnes per year. Significantly, this change has almost halved the rail line cost from around  AUD 2.5 billion to around  AUD 1.2 billion. The total project cost including the mine could now be down to less than AUD 3 billion, less than one fifth the amount of capital required just a few years ago (Market Forces).

Adani to begin construction of Carmichael coal mine in October

2017-08-29 00:00:00

Indian mining giant Adani has announced it will break ground on its Carmichael coal mine in Queensland in October. Company chairman Gautam Adani issued a statement overnight, confirming the start of works for the $16.5 billion project in Queensland’s Galilee basin, with the first coal to be produced by the facility in March 2020 (News.com.au).

Adani gives 'green light' to $16bn Carmichael coal mine

2017-06-06 00:00:00

Indian billionaire Gautam Adani has given the “green light” to the Carmichael mine and rail project, but it will still hinge on its Australian arm, Adani Mining, gaining bank backing for the contentious venture. Adani’s top executive in Australia, Jeyakumar Janakaraj, took a dig at “activists who sit in creature comfort and criticise us” while trumpeting the decision to invest in Australia’s largest proposed coalmine. The company is yet to secure its bid for a $900m infrastructure loan from the federal government for a railway that would help other miners open up Queensland’s Galilee Basin (The Guardian).

Environmental Justice Australia's report shows Adani's disastrous track record

2017-02-15 00:00:00

A detailed legal research brief by Environmental Justice Australia, reveals Indian based Adani Group’s track record overseas, including illegal dealings, bribery, environmental and social devastation and allegations of corruption, fraud and money laundering. The Adani Brief puts Australian governments and potential financiers on notice that backing the Carmichael mine and rail project in Queensland’s Galilee Basin may expose them to financial and reputational risks. The full brief can be read here.

Indian agencies investigate Adani

2016-12-22 00:00:00

Adani Enterprises, the ultimate parent company of the proposed Carmichael mine in Australia, is one of the coal companies under investigation by India’s Directorate of Revenue Intelligence (DRI) for inflating the cost of imported coal. For a decade the DRI has been investigating Adani entities which traded in diamonds and gold jewellery. Adani Enterprises was named in a 2011 report by Karnataka’s state ombudsman in which documents seized by police allegedly “indicate that money has been regularly paid to port authorities, customs authorities, police department, mines and geology and even to MLAs/MPs.” Adani has rejected the allegations. (ABC News, Scroll)

Adani freezes investment in Carmichael mine until world coal price recovers

2016-02-04 00:00:00

According The Guardian: Adani has frozen its investment in Australia's largest proposed coalmine until world coal prices show a clear recovery, its executives have indicated in stock analyst briefings in India. The briefings even gave rise to speculation that Adani Enterprises, which has previously flagged spending USD4.1 billion on the Carmichael mine in north Queensland, might abandon its plans for the mine altogether amid a huge move by the company into solar energy.

Adani's Carmichael coal mine gains final Queensland Government environmental approval

2016-02-03 00:00:00

Adani's Carmichael coal mine has received its final environmental approval from the Queensland Government, but will still need a mining lease before it proceeds, according to abc.net.au.

Four reasons why the Carmichael coal mine still might not go ahead

2015-10-16 00:00:00

According the Greenpeace's Energydesk: Indian mining giant Adani's controversial Carmichael coal mine has received a "re-approval" from the Australian government. Environment minister Greg Hunt attached 36 conditions, described as the "toughest in the country's history", to the approval in an attempt to address environmental concerns around vulnerable species and groundwater usage.

Green light from federal government

2014-07-24 00:00:00

The Australian environment minister, Greg Hunt, has approved a AUD16.5 billion resources project that will lead to the creation of the largest coal mine in Australia, and one of the largest in the world. Hunt has imposed 36 conditions, primarily aimed at protecting groundwater, on the Carmichael coal mine and rail project, which will dig up and transport about 60 million tonnes of coal a year for export.

Queensland’s Coordinator-General is inviting State agencies and the community to provide further comment

2013-11-22 00:00:00

Queensland’s Coordinator-General is inviting State agencies and the community to provide further comment on the proposed AUD16.5 billion Carmichael Coal Mine and Rail project north-west of Clermont. Read more here.

Financiers

In November 2018, Adani reported it will finance the Carmichael coal mine project itself.

In July 2020, Market Forces reported that several banks, that pledged not to finance the Carmichael coal project, could be unintentionally doing so by running the bond issue that Adani Ports and Special Economic Zone (APSEZ) are aiming to raise. These banks include: Deutsche Bank, Standard Chartered, Barclays and JPMorgan Chase.

In November 2020, it was reported that the State Bank of India (SBI) is set to offer a US$650 million loan to Adani, which would enable the Carmichael coal mine to go ahead.

In August 2015, Commonwealth Bank of Australia (CBA), followed by Standard Chartered, backed off from the Carmichael project. In September 2015 National Australia Bank (NAB) declared to rule out financing for the Carmichael project, adding itself to a list of fourteen international banks (among them Deutsche Bank, HSBC, State Bank of India) which already decided so.

Related companies

Adani Group India show profile

Coal Electric Power Generation | Coal Mining | Oil and Gas Extraction

News

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Type:
Year:
blog
external news
our news

SBI International Public Bond: State Bank of India announces successful pricing for $600 million

The State Bank of India (SBI) acting through its London branch, raised today $600 Million (USD) of “Regulation S” bonds at a coupon rate of 1.80 per cent.
2021-01-07 | ZeeBusiness
blog
external news
our news

Big banks lead SBI bond despite Adani controversy

2021-01-06 | Global Capital
blog
external news
our news

BlackRock, Storebrand pressure Indian bank over coal mining loan

2020-12-04 | Bloomberg
blog
external news
our news

Amundi gives bond warning to State Bank of India over Adani's Australian coal mine

2020-12-01 | CNBC-TV18
blog
external news
our news

“No 1B Adani Loan” Protestors Barge Into Sydney Cricket Ground In A Bid To Protest Against SBI

2020-11-28 | The Indian Wire
blog
external news
our news

#StopAdani protesters tresspass into the INDvsAUS ODI match

2020-11-20 | magazine99
blog
external news
our news

State Bank of India set to offer Rs 5000 cr loan to Carmichael coal project in Australia

2020-11-17 | New Delhi | Business Standard
blog
external news
our news

Calls for Lloyd's of London to rule out insurance for Adani coal mine

2020-10-23 | Insurance Business Australia
blog
external news
our news

Queensland teenagers lodge legal action against Adani coal mine to save Great Barrier Reef

2020-10-22 | ABC News Australia
blog
external news
our news

Queensland strikes royalties deal with Adani coalmine, allowing it to defer payment

2020-10-01 | The Guardian
blog
external news
our news

Adani legal action sparks fears journalists could be targeted over Carmichael mine leaks

2020-09-28 | The Guardian
blog
external news
our news

Access to Adani’s Carmichael coal mine in Queensland blocked by traditional owners

2020-08-24 | The Guardian
blog
external news
our news

Second major Korean brokerage withdraws financial backing for Adani's coal projects

2020-08-02 | The Guardian
blog
external news
our news

Adani mine: three major insurers to have no further involvement in coal project

2020-06-11 | The Guardian
blog
external news
our news

Australia: Activists outraged as Siemens backs Adani mining project

2020-01-13 | Deutsche Welle
blog
external news
our news

Coal finance exit in France – Banks and insurers urged to drop coal expansion clients and make good on commitments

2019-11-14 | Paris, France | BankTrack, Unfriend Coal
blog
external news
our news

A message from Wangan & Jagalingou Traditional Owners

2019-09-02 | 350.org
blog
external news
our news

Queensland extinguishes native title over Indigenous land to make way for Adani coal mine

2019-08-31 | The Guardian
blog
external news
our news

How one billionaire could keep three countries hooked on coal for decades

2019-08-15 | The New York Times
blog
external news
our news

Adani still vulnerable on insurance for its Carmichael mine and railway

2019-06-28 | Market Forces
blog
external news
our news

Adani’s coal mine obtains cover despite backlash

2019-06-24 | Insurance Asia News
blog
external news
our news

The Carmichael Coal Mine: Despite Approval, Uncertainties Abound

2019-06-17 | The Diplomat
blog
external news
our news

Campaigners criticise 'reckless' approval of Adani mine in Australia

2019-06-14 | The Guardian
blog
external news
our news

Adani Mining’s Carmichael coal mine plan gets the thumbs up

2019-06-13 | Im-mining.com
blog
external news
our news

IEEFA Australia: Queensland government about to make poor economic decision on Adani mine

2019-06-11 | IEEFA
blog
external news
our news

Non, merci! Rothschild & Co. walks away from Adani

2019-05-16 | Market Forces
blog
external news
our news

Rothschild & Co bank called on to end support for Adani’s massive new coal mine

2019-04-30 | Lucie Pinson – Les Amis de la Terre
blog
external news
our news

Media Release: World’s biggest insurers will not cover Adani Group’s Carmichael coal mine

2018-12-20 | Market Forces
blog
external news
our news

Carmichael the coal mega-project Adani just can't kill

2018-09-13 | Financial Review
blog
external news
our news

State and federal investigation launched into Adani's Carmichael water drilling

2018-09-12 | The Guardian
blog
external news
our news

Adani looks to Rothschild to sell slice of its coal port operations

2018-05-22 | The Sydney Morning Herald
blog
external news
our news

Adani losses prompt mining company to shift away from imported coal

2018-05-07 | The Guardian
blog
external news
our news

The war on coal is making the world’s top mine owners a lot richer

2018-05-02 | Bloomberg
blog
external news
our news

Federal government to lend money to Adani business associates

2018-03-05 | The Sydney Morning Herald
blog
external news
our news

Adani's mega mine: it's not over yet

2018-01-10 | The Age
blog
external news
our news

Chinese banks rule out Carmichael coal mine!

2017-12-05 | Market Forces
blog
external news
our news

Indigenous group mounts last-ditch court bid against Adani

2017-12-03 | The NewDaily
blog
external news
our news

Adani Group: China Construction Bank won't grant loan, PR firm says

2017-12-02 | The Guardian
blog
external news
our news

Profits of Adani's Carmichael mine company tumble, leaving it in financial peril

2017-11-14 | The Guardian
blog
external news
our news

Westpac out of Adani Abbot Point refinancing?

2017-10-16 | Market Forces
blog
external news
our news

Adani says it will break ground on Carmichael rail link 'within days'

2017-10-13 | The Guardian
blog
external news
our news

Abbot Point coal terminal: Westpac may not refinance Adani loan

2017-10-12 | The Guardian
blog
external news
our news

Banks shy away from Adani's $US500m bond issue

2017-10-12 | Financial Review
blog
external news
our news

Adani: Thousands turn out across Australia to protest against Carmichael coal mine

2017-10-07 | Abc.net.au
blog
external news
our news

IEEFA Australia: Escalating financial risk in Adani's Abbott Point Coal Terminal

2017-10-02 | IEEFA
blog
external news
our news

Adani will begin construction of its Carmichael coal mine in October

2017-08-29 | News.com.au
blog
external news
our news

Adani mining giant faces financial fraud claims as it bids for Australian coal loan

2017-08-15 | The Guardian
blog
external news
our news

Carmichael coalmine: Commonwealth Bank indicates it will not lend to Adani

2017-08-11 | The Guardian
blog
external news
our news

Adani will have to dig deep as banks shun Carmichael

2017-07-03 | The Financial Times
blog
external news
our news

Queensland Investment Corporation denies planning to fund Galilee coal mines

2017-06-27 | Abc.net.au
blog
external news
our news

Why NAIF can't fund Adani

2017-06-07 | Climate Council
blog
external news
our news

Adani gives 'green light' to $16bn Carmichael coal mine

2017-06-06 | The Guardian
blog
external news
our news

Westpac’s new climate policy rules out most new coal mines – including Carmichael!

2017-04-28 | Market Forces
blog
external news
our news

Adani coalmine: ANZ chief suggests bank would not finance Carmichael project

2016-12-17 | The Guardian
blog
external news
our news

Adani Carmichael coal mine rail line and camp approved

2016-12-05 | The Syney Morning Herald
blog
external news
our news

We should be putting the brake on the Carmichael coalmine, not hitting the accelerator

2016-10-14 | The Guardian
blog
external news
our news

Carmichael mine to be given 'essential' status in sign of Palaszczuk support

2016-10-09 | The Guardian
blog
external news
our news

Indigenous opponents of Adani's Carmichael mine to intensify court battle

2016-03-16 | The Guardian
blog
external news
our news

Adani freezes investment in Carmichael mine until world coal price recovers

2016-02-04 | The Guardian
blog
external news
our news

Australian coalmines are one of riskiest investments in the world – report

2016-01-28 | The Guardian
blog
external news
our news

Pressure mounts on Adani go-ahead

2016-01-23 | The Australian
blog
external news
our news

Four reasons why the Carmichael mine still might not go ahead

2015-10-16 | EnergyDesk
blog
external news
our news

NAB rules out funding Adani's Carmichael mine as buyer LG pulls out

2015-09-03 | The Guardian
blog
external news
our news

National Australia Bank rules out funding Adani's Carmichael coal mine

2015-09-03 | The Sydney Morning Herald
blog
external news
our news

Adani loses LG as big customer for Carmichael mine

2015-09-03 | The Sydney Morning Herald
blog
external news
our news

When NAB ruled out funding Carmichael coal…

2015-09-02 | Market Forces
blog
external news
our news

Treasurer Curtis Pitt says Galilee Basin mining not the be-all and end-all for Queensland economy

2015-08-26 | The Courrier Mail
blog
external news
our news

Adani rail link a focus for fed, Qld govts

2015-08-24 | AAP
blog
external news
our news

Adani’s Australia coal project may turn a ‘stranded asset’: Citi

2015-08-24 | The Hindu
blog
external news
our news

Adani mine approvals one step closer

2015-08-20 | The Australian Financial Review
blog
external news
our news

How Adani group can get its USD7.2 billion coal mine project in Queensland back on track

2015-08-20 | The Economic Times
blog
external news
our news

Global insurer Aviva warns of 'grave reputational risks' of Carmichael mine

2015-08-13 | The Guardian
blog
external news
our news

Adani cancels second bank, Standard Chartered, from Carmichael project

2015-08-11 | The Australian Financial Review
blog
external news
our news

Standard Chartered quits controversial Carmichael coalmine in Queensland

2015-08-10 | The Guardian
blog
external news
our news

Major UK bank ditches giant coal mine threatening Great Barrier Reef

2015-08-10 | London | Greenpeace
blog
external news
our news

Adani mine's fate may hang in balance for some time

2015-08-07 | The Sydney Morning Herald
blog
external news
our news

Tony Abbott's defence of the Carmichael coalmine is passionate but baseless

2015-08-07 | The Guardian
blog
external news
our news

Adani could pull out of USD16.5 billion project

2015-08-07 | Townsville Bulletin
blog
external news
our news

Commonwealth pulls out of Carmichael mega-mine

2015-08-06 | Market Forces
blog
external news
our news

Standard Charter faces calls to quit 'carbon bomb' mine

2015-08-06 | The Independent
blog
external news
our news

Adani's coal pariah the last hope for Queensland's Galilee Basin

2015-08-06 | The Australian Financial Review
blog
external news
our news

Costly Coal - Standard Chartered's role in a coal project threatening the Great Barrier Reef

2015-08-05 | Greenpeace UK
blog
external news
our news

Future of Carmichael mine hinges not on skinks or snakes, but its business case

2015-08-05 | The Guardian
blog
external news
our news

Greenpeace calls for Adani licence to be revoked over Carmichael mine

2015-07-22 | The Sydney Morning Herald
blog
external news
our news

Adani dissolves 50-strong project team from troubled USD16.5 billion Carmichael mine

2015-07-22 | The Guardian
blog
external news
our news

Adani stands down major contractors

2015-07-21 | The Sydney Morning Herald
blog
external news
our news

Uncertain future for Adani’s Carmichael coal mine

2015-07-01 | Global Trade Review
blog
external news
our news

Queensland government denies delaying Adani's Carmichael mine

2015-06-24 | The Guardian
blog
external news
our news

Adani halts engineering work on controversial Carmichael mine – sources

2015-06-23 | The Guardian
blog
external news
our news

Indigenous Australians call on Standard Chartered not to fund coal mine project

2015-06-12
blog
external news
our news

Pressure builds for UK’s Standard Chartered to refuse investment to Great Barrier Reef coal project

2015-06-09 | London | Greenpeace UK, 350.org
blog
external news
our news

Aboriginal landowners throw fresh legal challenge to Adani Group's Carmichael coal project in Australia

2015-05-30 | The Economic Times
blog
external news
our news

Australia Lures USD21 Billion Bet on Coal Rebound: Energy Markets

2015-05-24 | Bloomberg
blog
external news
our news

Don’t invest in Australia coal mines, scientists warn banks in bid to halt climate change

2015-05-22 | South China Morning Post
blog
external news
our news

Commonwealth Bank under pressure to rule out Galilee coal support

2015-05-21 | Tree Alert
blog
external news
our news

The financial case against Australia's largest coal mine

2015-05-14 | The Guardian
blog
external news
our news

Standard Chartered vows to review role in Australian coal mine project

2015-05-06 | The Guardian
blog
external news
our news

Greenpeace activists protest Standard Chartered’s role in reef wrecking coal mine

2015-05-06 | Hong Kong | Greenpeace
blog
external news
our news

Standard Chartered faces pressure to cut links to Australian 'carbon bomb' project

2015-05-05 | The Guardian
blog
external news
our news

Queensland's miners will need a miracle to profit from coal now

2015-04-29 | The Guardian
blog
external news
our news

Adani Mining feels heat over USD14 billion Galilee Basin coal mine gap

2015-04-28 | The Sydney Morning Herald
blog
external news
our news

Adani Carmichael mine to create 1,464 jobs, not 10,000

2015-04-28 | Brisbane Times
blog
external news
our news

Adani coalmine would not deliver jobs and royalties promised, land court hears

2015-04-27 | The Guardian
blog
external news
our news

Adani Group in talks with Korea, China banks for Australia project

2015-04-22 | LiveMint
blog
external news
our news

The quiet death of the SBI-Adani loan agreement

2015-04-20 | LiveMint
blog
external news
our news

Adani’s Carmichael coal mine a step closer

2015-04-17 | The Courrier Mail
blog
external news
our news

Australian banks may still want to fund Adani’s disputed coal project

2015-04-17 | The Economic Times
blog
external news
our news

Adani project faces fresh trouble by Australian aboriginals

2015-04-15 | The Economic Times
blog
external news
our news

Adani, the new coal Tar Baby

2015-04-13 | The Australian Financial Review
blog
external news
our news

Adani has ambitious plan to open Carmichael megamine in Galilee Basin by 2017

2015-04-10 | The Courrier Mail
blog
external news
our news

Three French banks refuse to finance Galilee Basin projects

2015-04-09 | Mining Innovation News
blog
external news
our news

French banks refuse to finance Great Barrier Reef coal mines ($)

2015-04-09 | Business Green
blog
external news
our news

Les banques françaises se retirent du plus grand projet charbonnier au monde

2015-04-08 | Le Monde
blog
external news
our news

Victory for the climate and environment: French banks pledge not to finance mega coal projects in Australia's Galilee Basin

2015-04-08 | Montreuil, France; Nijmegen, Netherlands | Friends of the Earth France / BankTrack
blog
external news
our news

India's Sysiphean task

2015-04-04 | The Sydney Morning Herald
blog
external news
our news

Aboriginal group fights to stop $16bn Carmichael coalmine, Australia’s largest

2015-03-25 | The Guardian
blog
external news
our news

Great Barrier Reef campaign: scientists call for scrapping of coal projects

2015-03-22 | The Guardian
blog
external news
our news

India's SBI to turn down Adani's $1 bln Australian loan request - sources

2015-03-13 | Reuters
blog
external news
our news

ASIC called on to investigate Adani

2015-03-12 | Sydney Morning Herald
blog
external news
our news

Risky future for Bowen and Galilee basins

2015-03-04 | Daily Mercury
blog
external news
our news

Nick Minchin lobbies foreign banks over Abbot Point investment

2015-02-11 | The Guardian
blog
external news
our news

Adani's $10-billion gamble

2015-01-18 | business today india
blog
external news
our news

The court case that could choke mining in Australia

2015-01-16 | news.com.au
blog
external news
our news

With Queensland election promises, and mining projects, it's wise to keep digging

2015-01-14 | The Guardian
blog
external news
our news

Federal court asked to overturn Adani mine approval due to impact on Great Barrier Reef

2015-01-14 | The Guardian
blog
external news
our news

Abbot Point: onshore dump would favour Adani, say coal miners

2015-01-12 | The Guardian
blog
external news
our news

Adani's Queensland coal rail deal gets extension of time

2014-12-16 | ABC
blog
external news
our news

Keystone XL and Galilee basin threaten to bring down the global climate talks

2014-12-10 | The Guardian
blog
external news
our news

Activists Gun For Indian Billionaire's Great Barrier Reef Project

2014-12-02 | Forbes
blog
external news
our news

$1 billion Adani loan: Commercial decision or politics at play?

2014-12-01 | live mint
blog
external news
our news

Trinamool slams SBI's $1-bn loan to Adani group

2014-11-27 | Hindustan Times
blog
external news
our news

Australia's Partnership With an Indian Mining Giant Could Destroy the Great Barrier Reef

2014-11-25 | VICE News
blog
external news
our news

National Stock Exchange of India quizzes Adani on loan for Galilee Basin coal project

2014-11-19 | The Sydney Morning Herald
blog
external news
our news

Adani’s week of positives in an anti-coal atmosphere

2014-11-19 | The Australian Financial Review
blog
external news
our news

Wise investment or fossil fools? Queensland backs coal as G20 moves the game on

2014-11-17 | The Sydney Morning Herald
blog
external news
our news

RAN Applauds Move by U.S. Banks to Reject Australian Coal Port

Abbot Point coal export project presents dire threat to climate and to the Great Barrier Reef
2014-10-27 | San Francisco | Rainforest Action Network
blog
external news
our news

Carmichael mine: Indian conservation group joins legal battle with Adani

2014-10-09 | The Guardian
blog
external news
our news

Crunch time for coal frontiers as costs could scuttle

2014-10-08 | The Australian Financial Review
blog
external news
our news

Take it from us in India: the world needs renewables, not more Australian exported coal

2014-10-02 | The Guardian
blog
external news
our news

The environment deserves more than this drop in a bucket

2014-08-18 | The Courrier Mail
blog
external news
our news

Adani needs capital to fund Galilee coal project

2014-08-09 | The Australian Financia Review
blog
external news
our news

India’s Adani to proceed with $16b Queensland coalmine

2014-08-08 | The Australian Financial Review
blog
external news
our news

The great Australian coal race is on

2014-08-08 | The Australian Financial Review
blog
external news
our news

Greg Hunt says green-lighted Galilee Basin coal mine won't have big impact on Great Barrier Reef

2014-07-29 | ABC Australia
blog
external news
our news

Increase in clean energy cess on imported coal: Adani, GVK and Tatas to redraw foreign assets

2014-07-14 | Business Standard
blog
external news
our news

Australian banks face more pressure over support for coal projects

2014-07-09 | The Sydney Morning Herald
blog
external news
our news

Queensland shelves A$10bn Great Barrier Reef coal port

2014-06-20 | Financial Times
blog
external news
our news

Australian coal industry caught in ‘perfect storm’

2014-06-19
blog
external news
our news

RBS joins move to shun Abbot Point financing

2014-06-19 | The Australian
blog
external news
our news

Royal Bank of Scotland Rules Out Financing Major Coal Port Expansion

Follows Deutsche Bank and HSBC
2014-06-18 | Edinburgh | BankTrack, Greenpeace, 38 Degrees, AMCS
blog
external news
our news

Coal demand falls globally; Adani,GVK to take a hit

2014-05-29 | The Economic Times
blog
external news
our news

Adani Group's Great Barrier Reef Project In Troubled Waters

2014-05-29 | Forbes
blog
external news
our news

Adani in landmark private bond

2014-05-24 | IFR Asia
blog
external news
our news

Deutsche Bank says No to Financing of Coal Harbor on the Great Barrier Reef

2014-05-22 | Frankfurt | urgewald and Market Forces
blog
external news
our news

Adani Enterprises may raise USD 1.5 bn via overseas bonds

2014-05-19 | CNBC
blog
external news
our news

Adani forced to wait longer for Carmichael coal mine approval

2014-05-18 | Australian Mining
blog
external news
our news

Galilee Basin coalmine: Queensland government granted approval despite expert environmental concerns

2014-05-13 | ABC Net
blog
external news
our news

Adani's Oz coal mine gets okay

2014-05-09 | Business Standard
blog
external news
our news

Adani, GVK, Lanco seek to cut stake in Australian coal mines

2014-05-09 | Business Standard
blog
external news
our news

Adani arm to raise  $1.5 bn in overseas debt in 2014

2014-05-08 | India | Live Mint
blog
external news
our news

Queensland approves construction of one of world's biggest coal mines

2014-05-08 | Australia | The Guardian
blog
external news
our news

Doubts raised over financial viability of Galilee Basin coal mine proposal

2014-05-06 | The Sydney Morning Herald
blog
external news
our news

Australian coalmining is entering ‘structural decline’, reports says

2014-05-05 | The Guardian
blog
external news
our news

India unlikely to be able to afford Australian coal

2014-05-05 | ABC
blog
external news
our news

Press release – The beginning of the end of imported coal in India: report exposes economic flaws

2014-05-05
blog
external news
our news

Big Four Australian banks lose customers over fossil fuel gamble

2014-05-03 | Melbourne | Market Forces
blog
external news
our news

UNESCO condemns Federal Government's approval of dredge spoil on Great Barrier Reef

2014-05-01 | ABC
blog
external news
our news

Forecaster says mining in Galilee won't go ahead

2014-04-24 | ABC
blog
external news
our news

Modi-fied rally in Adani stocks not backed by fundamentals

2014-04-14 | Business Standard
blog
external news
our news

Questions around economic benefits of rail development

2014-04-08 | ABC
blog
external news
our news

Australia project: Adani, GVK expect financial closure by 2015

2014-04-02 | Livemint
blog
external news
our news

Adani may divest 50% stake in Australia mining, rail projects

2014-03-15 | Business Standard
blog
external news
our news

Greenpeace calls for Galilee Basin halt until threat to rare birds is assessed

2014-03-04 | The Guardian
blog
external news
our news

Carmichael Coal Mine: Unacceptable Impacts on Major Rivers and Groundwater

2013-12-08 | Lock the Gate Alliance
blog
external news
our news

Remote prospects in Adani's Galilee wish

2013-12-03 | Business Spectator
blog
external news
our news

Adani’s US$7bn Australian coal project unviable

2013-11-26 | Sydney | Greenpeace
blog
external news
our news

Doubts about Galilee Basin

2013-11-25 | ABC
blog
external news
our news

Reality check for Aussie debt

2013-11-02 | IFR Asia
blog
external news
our news

Stranded assets, anyone? Testing times for the fossil fuel market

2013-10-17 | Renew Economy
blog
external news
our news

Adani Abbot Point Terminal Plans $1.2 Billion Debt Issue

2013-10-15 | The Wall Street Journal
blog
external news
our news

Reef port builder Gautam Adani facing fines over India breaches

2013-08-09 | www.theaustralian.com.au
blog
external news
our news

Investors worried how long Adani Group will keep its head above water

2013-06-14 | Business Standard
blog
external news
our news

How Australian Coal is Causing Global Damage

2013-06-01 | The Monthly
blog
external news
our news

Gautam Adani bullish on prospects for India energy

2013-05-19 | Financial Times
blog
external news
our news

Report triggers campaign to prevent Australian fossil fuel investment

2013-05-02 | Brisbane | Market Forces
blog
external news
our news

Negotiations start for new QLD coal port

2013-03-15 | Australia | Australian Mining
blog
external news
our news

Greens protest Bowen coal mine

2011-08-31

Documents

Type:
Year:
ngo documents
2020-10-22 00:00:00

Investor Briefing: Adani Ports to haul Carmichael coal, exposing investors to reputational & financial risks

2020-10-22 00:00:00 | Market Forces
ngo documents
2020-10-20 00:00:00

Investor briefing: Adani Ports and Special Economic Zone (NSE/BSE: ADANIPORTS)

2020-10-20 00:00:00 | Market Forces
company documents
2015-08-18 00:00:00

Environmental Impact Statement

2015-08-18 00:00:00 | GHD
company documents
2018-11-01 00:00:00

Adani Mining press release on financing Carmichael coal mine

2018-11-01 00:00:00 | Adani Mining
ngo documents
2017-10-02 00:00:00

A house of cards in Australia: Adani's Abbott Point coal terminal faces escalating financial risk

2017-10-02 00:00:00 | IEEFA
other documents
2014-05-31 00:00:00

Coordinator- General’s evaluation report on the environmental impact statement

2014-05-31 00:00:00 | The State of Queensland, Department of State Development, Infrastructure and Planning
ngo documents
2017-05-19 00:00:00

Risky business: health, climate and economic risks of the Carmichael coalmine

2017-05-19 00:00:00 | Climate Council of Australia
ngo documents
2017-02-15 00:00:00

The Adani Brief

What governments and financiers need to know about the Adani Group’s record overseas
2017-02-15 00:00:00 | Environmental Justice Australia
ngo documents
2017-02-01 00:00:00

The Adani files

A short history of corruption, destruction and criminal activity
2017-02-01 00:00:00 | GetUp!
our publications
2015-06-08 00:00:00

Standard Chartered's involvement in the Carmichael coal mine would be 'non-standard' and 'unchartered', on the bank's own terms

2015-06-08 00:00:00 | BankTrack
ngo documents
2015-05-31 00:00:00

(Mis)calculated risk and climate change. Are rating agencies repeating credit crisis mistakes?

2015-05-31 00:00:00 | Center for International Environmental Law
our publications
2015-05-04 00:00:00

The end of coal?

2015 Coal Finance Report Card
2015-05-04 00:00:00 | BankTrack, Rainforest Action Network and Sierra Club
ngo documents
2015-04-14 00:00:00

A review of the Adani group’s environmental history in the context of the Carmichael coal mine approval

2015-04-14 00:00:00 | Environmental Justice Australia
ngo documents
2014-05-05 00:00:00

Indian Power Prices

Briefing Note
2014-05-05 00:00:00 | IEEFA
ngo documents
2014-02-18 00:00:00

Research Briefing: Adani’s record of environmental destruction and non - compliance with regulations.

2014-02-18 00:00:00 | Greenpeace
ngo documents
2014-02-17 00:00:00

Impacts of the proposed Carmichael Coal Mine Project on the Black-throated Finch

2014-02-17 00:00:00 | Greenpeace
ngo documents
2013-11-26 00:00:00

Remote Prospects

A financial analysis of Adani's coal gamble in Australia's Galilee Basin
2013-11-26 00:00:00 | IEEFA, Greenpeace Australia Pacific
ngo documents
2013-10-20 00:00:00

INVESTOR BRIEFING:

Adani Abbot Point Terminal Debt Issue
2013-10-20 00:00:00 | Greenpeace
ngo documents
2013-06-30 00:00:00

ADANI ENTERPRISES LTD

Quarterly risk summary
2013-06-30 00:00:00 | Greenpeace
ngo documents
2013-03-17 00:00:00

Greenpeace submission for the Environmental Impact Statement for the Carmichael mine and rail project

2013-03-17 00:00:00 | Greenpeace Australia
ngo documents
2013-02-11 00:00:00

Adani’s record of environmental destruction and non-compliance with regulations

2013-02-11 00:00:00 | Greenpeace
ngo documents
2013-01-31 00:00:00

ADANI ENTERPRISES LTD

Quarterly Risk Summary – 31 Jan 2013
2013-01-31 00:00:00 | Greenpeace
ngo documents
2012-09-18 00:00:00

Carmichael pages of the Galilee Basin report

2012-09-18 00:00:00 | Greenpeace Australia

Media




















Links

Take Action: Adani Ports funding must not be shifted to Carmichael coal

Market Forces campaign page

https://www.marketforces.org.au/info/key-issues/theadanilist/adani-ports-bond/

Stop Adani movement website

http://www.stopadani.com/

The Adani List: Companies that could make or break the Carmichael coal project

https://www.marketforces.org.au/info/key-issues/theadanilist/

#StopAdani Corporate Villains tour of Melbourne, 1 Nov 2017

Market Forces campaign page

https://www.marketforces.org.au/stopadani-corporate-villains-tour/

Blogpost by Center for International Environmental Law

Credit Rating Agencies and a Dynamic Climate Change Trajectory

http://www.ciel.org/miscalculated-risk-part-1-credit-rating-agencies-and-a-dynamic-climate-change-trajectory/

Blogpost by Center for International Environmental Law

No Parenthetical for Abbot Point: Risk Miscalculated

http://www.ciel.org/no-parenthetical-abbot-point-risk-miscalculated/

Blogpost by Center for International Environmental Law

Update on the Adani Coal Export Terminal

http://www.ciel.org/miscalculated-risk-part-2-update-on-the-adani-coal-export-terminal/

Queensland Government - Carmichael coal mine and rail project overview

http://statedevelopment.qld.gov.au/assessments-and-approvals/carmichael-coal-mine-and-rail-project.html

Global Energy Monitor - Carmichael Coal Project

https://www.gem.wiki/Carmichael_Coal_Project

Take action: State Bank of India is considering throwing away $1b of Indian taxpayers’ money on Adani’s Australian coal project

https://www.marketforces.org.au/SBI/

Brief history

In November 2010 Adani began the approval process to establish two new mines (including the Carmichael coal mine) and a rail line in the Galilee Basin. The Queensland Premier, then Anna Bligh, declares the Carmichael coal mine and rail project to be a ''significant project''.

In May 2014 Queensland's Coordinator-General approved the Carmichael coal project to proceed. The approval was subject to 190 conditions to be met during construction and operation phases of the project. These conditions paid particular attention to groundwater and water bores potentially affected. The final approval was then to be given by Greg Hunt, the Australian Minister for Environment at that time.

In July 2014 Greg Hunt approved the Carmichael coal mine and rail project. Environmentalists express strong opposition. The Mackay Conservation Group, which already began a federal challenge against the mine, amended its complaint to include allegations against Greg Hunt. The Group argued he has ''incorrectly assessed its climate effects, ignored Adani's poor environmental record, and failed to consider conservation advice from his own department on the impact of the mine on two vulnerable species''.

In March 2015 The Wangan and Jagalingou people, the traditional owners of the land in the Galilee Basin, reject an Indigenous Land Use Agreement with Adani.

In August 2015 The Federal Court rules in favour of the legal challenge by the Mackay Conservation Group, which is described as ''a victory for land and water, biodiversity, the global climate and also for common sense''. Adani stated that it is confident it will receive approval for its project again ''once the technicality is addressed''.

In October 2015 The government re-approves the Carmichael coal mine, subject to 36 conditions. It is argued by the Resources Minister that the project can help lift hundreds of millions of people out of energy poverty in India and across the world. The Wangan and Jagalingou traditional owners denounce the decision.

In February 2016 Adani was issued environmental authority for the Carmichael coal mine by the Australian government. Adani still needs to obtain bank funding and a mining lease from the Queensland government.

In April 2016 The Queensland government approves mining leases for Adani. Adani said a final investment decision would not be made until court challenges against the project would be resolved.

In August 2018 The Austrialian court quashes a court case by the Wangan and Jagalingou Indigenous people trying to block Adani from developing the Carmichael coal mine.

In November 2018 Adani announced that it will self-finance its project after being inable to secure outside investments. The project will be scaled back, making its size comparable to other Queensland coal mines.

In June 2019 Adani obtains the final mining approval.

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