Queensland’s treasury deemed the nation’s biggest proposed coal mine economically unviable, documents reveal.
Documents released under freedom of information laws show senior treasury officials expressed serious concerns about approving the $16.5 billion Carmichael mine in central Queensland because of Indian mining company Adani’s high level of debt and unclear corporate structure, Fairfax Media reports.
The documents reveal Queensland Treasury was worried the project was being pushed through by the Department of State Development, Infrastructure and Planning, led by Deputy Premier Jeff Seeney, while no proper due diligence had been conducted on Adani’s financial capacity to properly establish the mine.
The North Queensland Conservation Council has called on the Queensland government to halt the project until a proper assessment can be carried out.
‘Queensland Treasury knows Adani’s Carmichael proposal is an economic basket case in Australia,’ NQCC spokesman Jeremy Tager said.
‘The Queensland premier must immediately call a halt to any moves to spend taxpayers’ money on Adani’s port, mine and rail projects – including via subsidies – and require a full and formal due diligence assessment of Adani’s capacity to undertake this development.’
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