Ann: Annual Report to shareholders, page-2

Excellent comments from Bravus Mining and Resources (formerly Adani) to a Federal parliamentary inquiry (this is part of an article online in 'The Age'/'SMH' on Friday 21 May's afternoon):

"...Indian conglomerate Adani has approval to produce 60 million tonnes of thermal coal annually from the Carmichael mine in central Queensland’s Galilee Basin. The LNP’s support for the project, which has faced strident opposition from climate activists, was cited as a factor in its strong showing across Queensland in the 2019 federal election.

In its submission, Adani said while senior bank staff talked about “transitioning” from thermal coal, there was nothing gradual in their efforts to leave the sector.

“If anything, bank officials are displaying a zealot-like enthusiasm to withdraw from the industry,” it said. “We submit to the committee that our industry is confronting an acceleration of the withdrawal from the coal industry – a withdrawal that only seeks to punish hardworking Australian miners.

“Australian banks are not only abandoning a key industry sector, they stand to also abandon the principles of prudent risk management where banking risks are managed objectively and quantitatively directly with the individual customer, not through ‘groupthink’, supposition, pressure from anti-fossil fuel activist groups or some other qualitative evaluation.”..."