This is all quite apart from those evil radical greenie Great Barrier Reef tourist type groups, who dare to want to preserve the Reef tourist industry and the jobs it provides.
The only ones that seem to want to go ahead with the mine is the federal gov, and I'd say if Malcolm keeps sweeping out Abbott's barnacles like he has so far that even that's looking shaky. Abbott wanted to fund Adani with public money, would Malcolm? This whole mine fiasco may well be the turning point for coal in Australia as it catches up with the rest of the world's penchant for clean energy.
The latest body blow to Adani Reef wreckers comes from LG, who had said that it would be a huge customer of the Adani built coal mine. Now LG hasn't renewed it's Letter of Intent to buy coal shipped through the Great Barrier Reef. It's looking more and more now that companies don't want to touch this project. Public pressure can be a big deal here in Australia.
Adani Mining has lost one of its two big external customers with Korean giant LG confirming it would not be purchasing coal from the controversial Carmichael coal mine in the Galilee Basin.
This latest set-back to build the world's largest thermal coal mine follows revelations in Fairfax Media last month that the Commonwealth Bank was no longer financial advisor to Adani.
It was reported last year that LG had signed a letter of intent with Adani to purchase four million tonnes of coal. However LG issued a statement on Wednesday saying: "The LOI concluded by and between LG International Corp and Adani Mining Pty Ltd was non-binding and is invalid as of July 21, 2015 in accordance with the expiration of the LOI".
There has been no statement from Adani, nor has Adani informed the market since the LOI lapsed. A large resources project requires backing from banks and customers as pre-requisites to financial close. more
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