omg, I'm all for jobs but abbott doesn't seem grounded in reality, I can see us paying for this fiasco in the making. on another note, newman, probably second only to the abbott in terms of stupidity told Obama today that the GBR was fine it's just the green groups have been lying......sigh
http://www.theguardian.com/world/2014/nov/16/tony-abbott-g20-leaders-coal-climate-change
Tony Abbott tells G20 leaders he backs coal, despite pleas on climate change
Exclusive: PM robustly defends Australia’s position as a coal exporter in closed meeting on energy with world leaders
Tony Abbott has told a G20 leaders’ discussion on energy he was “standing up for coal” as the Queensland government prepares to unveil new infrastructure spending to help the development of Australia’s largest coal mine.
Adani told the Indian Express a South Korean firm, Posco, had been given the contract to build the railway line and sources suggested the Newman government might be preparing to underwrite the project.
“[Posco] has been given the contract to build the $2.2bn railway network from the pithead in Carmichael to the Abbot Point port,” Adani said.
The director of energy finance studies for the Institute of Energy Economics and Financial Analysis, Tim Buckley, said the Newman government’s plans were “absolutely farcical”.
“I have not spoken to a single person in finance who thinks this can proceed or that it is commercially viable. Eight major international banks have said they won’t go near it,” he said.
Adani says it has already invested $2bn in Australia, but it has no equity here. It bought the rights to the Abbot Point port with loans from a syndicate headed by the Commonwealth Bank and Westpac, and another loan from the State Bank of India.
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