The bizarro world of Adani coal continues, from the SMH:
Indian power generator Adani is showing no sign of losing enthusiasm for its $16.5 billion Queensland coal project, with documents for an expensive project management contract expected to be finalised on Wednesday.
Despite recent suggestions that international banks may be cautious about participating in the giant thermal coal venture, Adani is believed to have struck a deal with US company Parsons Brinckerhoff to work as project management contractor on the Carmichael mine, rail and port project.
The deal would see Parsons Brinckerhoff provide assurance services across the engineering, procurement and construction contracts that are expected to be let over coming months, and is a further sign that the project is moving beyond the approvals stage and into the building stage.
With a breakeven around a $100 thermal coal price for this project, and the current price at $65, I’d like someone to explain to me why Adani isn’t buying existing mines in the current fire sale instead.
