to denial

Hi Denial, this article pulls no punches. 3 Majors pulling out ??

How do you reckon CLR sp will perform in the days and weeks ahead and BEYOND.

http://www.couriermail.com.au/business/massive-abbot-point-expansion-plans-on-hold-labelled-unrealistic-and-undeliverable/story-fn7kjcme-1226360997290

Massive Abbot Point expansion plans on hold, labelled "unrealistic and undeliverable''


THE massive $9 billion expansion of Abbot Point coal terminal has been slashed.

The State Government on Friday notified the North Queensland Bulk Ports Corporation (NQBPC) that the multi-cargo facility and six extra terminals would not proceed.

Instead, the Government will move ahead with what it said was a more measured approach development of the first three terminals.

In a letter to the NQBPC, Minister for State Development, Infrastructure and Planning and Deputy Premier Jeff Seeney blamed delays in getting approvals and the unnecessary size and scale of the planned project.

The decision follows Rio Tinto's withdrawal from the project a fortnight ago as well as a major downturn in sentiment in recent weeks.

Federal Environment Minister Tony Burke has also deferred a decision on whether to approve the expansion of Abbot Point to nine terminals, until the end of the year.

Another company is also believed to be on the cusp of withdrawing. None of the potential players have deposited the $75 million deposit sought by the former Bligh government.

Queensland Resources Council chief executive Michael Roche said the industry had been saying for some time that the previous government's Abbot Point process was deeply flawed.

"A fresh look and a more incremental approach seems to be the way to go," Mr Roche said.

The expansion would have taken Abbot Point's capacity from 50 million tonnes a year to 385 million tonnes.

Mr Seeney said the expansion was "unrealistic and undeliverable".

"The proposals for funding were never going to come to reality," he said.

"The Bligh government saw this as a capital-raising exercise.

"We will look at a more measured incremental development at Abbot Point.

"We will focus on the delivery of T2 and T3 that are already approved and talk to the industry and proponents about needs beyond that."