Sale of Carmichael to Adani

To all those that attacked the sale of Carmichael to Adani and on selling the royalties well below that which was thought a good deal may now like to go and hide for a while as it is now looking like both deals may have been the very best of results for Linc

Adani suspends more contractors from Carmichael mine

22 July, 2015 Vicky Validakis 0 comments

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Adani suspends more contractors from Carmichael mine
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Adani suspends more contractors from Carmichael mine

Reports have emerged that Adani has sacked two more contracting firms working on its massive Carmichael mine in Queensland.

According to the SMH, Parsons Brinckerhoff and Posco have been ordered to stop work on the Carmichael project.

Sources told the SMH senior Adani executives flew to India for discussions around the project’s future.

The news throws more doubt on whether the mine will go ahead, after reports emerged in late June that Adani stopped engineering work on the project by WorleyParsons,Aecon, Aurecon and SMEC .

The engineering firms were conducting preparatory work at the mine, as well as at the project’s rail line and the Abbott Point coal terminal.

In a statement at the time, Adani said it was committed to the Carmichael project and stated the engineering firms were suspended due to state and federal approval timelines.

Adani could not be reached for comment around the latest reports of work stoppages.

Earlier this month, it was revealed Queensland treasury officials in the Newman government regarded the Carmichael coal project as “unbankable” due to high debt and offshore corporate structure.

Documents procured under Freedom of Information laws and reported by SMHshowed senior treasury officials doubted Adani’s ability to complete the project, and warned then-premier Campbell Newman, who went ahead with moves to guarantee public funding to assist with development of the mine and infrastructure.

Treasury briefing notes said Adani was “highly susceptible to cost shocks”.

Environmental group 350.org oppose the mine, and have called on Adani to walk away from the project.

Link Provided: www.miningaustralia.com.au/news/adani-suspends-mor...