Press release – 13 March, 2015Sydney, March 14 2015 – Adani’s controversial Queensland Carmichael coal mine looks to be in jeopardy following reports that the State Bank of India (SBI) is preparing to decide against giving the company a planned $1 billion loan for the project due to concerns over its financial viability.In reaction, Greenpeace Climate and Energy Campaigner, Nikola Casule, said:
“State Bank of India analysts seem to have realised that this project has no future. The wider financial community has long ago recognised that the project is on shaky financial ground. It is now up to the State Bank of India to make the right decision and refuse to fund Adani’s gamble with the hard earned money of Indian taxpayers.
“We already know that Adani’s coal project represents a serious threat to the Great Barrier Reef. Today’s news emphasises that it is an investment blackhole as well."
Adani has struggled to secure project financing for its $16.5 billion coal mine, rail and port expansion. Major global banks, including HSBC, Deutsche Bank and Goldman Sachs, have already refused to fund the project due to its damaging impact on the Great Barrier Reef, currently under consideration by World Heritage Body UNESCO for inclusion on its ‘in danger’ list.
“Banks all over the world are saying no to Adani. Even ANZ’s own analysts are
saying the project is not viable
. Australians can rightly be asking why our own Big Four Australian banks have so far failed to do the right thing by the Reef and ruled out their involvement. No Australian bank should be financing the Reef’s destruction,” Casule added.
For comment and interviews contact Nikola Casule
(0428 769 307
); Elsa Evers
(0438 204 041