Galilee coal hit as Deutsche pulls Abbot point

The AFR is reporting that:

A Whitsunday tourism operator has claimed an unlikely victory in his fight to prevent Deutsche Bank financing the $1.8 billion Abbot Point coal terminal in the waters of the Great Barrier Reef.

Tony Brown, the president of the Whitsunday Chartered Boat Industry Association, travelled to Frankfurt on Thursday to make his case against the expansion of Abbot Point at Deutsche Bank’s annual meeting.

Mr Brown joined a throng of protesters and special interest groups to air their grievances with the German bank’s board. Deutsche faced questions about everything from the size of its dividend to its role financing a project that critics say threatened tigers in India.

This is the proposed port for the massive Adani mine recently approved by the QLD government. Although the AFR prefers the local hero angle, GetUp was also prominent in the resistance campaign:

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I can’t say the Galilee basin mines make much sense anymore anyway.

Houses and Holes
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Comments

  1. Protestors and environmentalists will claim this as a great victory – people power winning over the big evil multinational corporation. When it is just the economic realities of the project playing out.
    I do appreciate and enjoy the Deutsche bank angle though, turning a previously bad investment decision into a moral decision not to proceed. Well played, sir.

    • migtronixMEMBER

      You just came for the turtle didn’t you 😉

      role financing a project that critics say threatened tigers in India

      Well that’s a start, I suspect they may be involved with projects that are threatening humans in India too, maybe one day we’ll get to that…

    • Exactly – it was always uneconomic. Publicly several potential producers were suggesting that the resultant operations were late first – possibly second quartile cost producers. Not sure what planet those independent experts came from – assume an average 500km rail trip at 5c per kilometre – is pretty tough, not including stock, capital, mining, demurrage and several loadings and un-loadings. Maybe I am as bad at math as I suspect I am!!!

      • In no time at all, I had built a small shop.

        Then I chopped down a Truffula Tree with one chop.

        And with great skillful skill and with great speedy speed,

        I took the soft tuft. And I knitted a Thneed!



        The instant I’d finished, I heard a ga-Zump!
        
I looked.
        
I saw something pop out of the stump
        
of the tree I’d chopped down. It was sort of a man.
        
Describe him?…That’s hard. I don’t know if I can.

        

He was shortish. And oldish.

        And brownish. And mossy.

        And he spoke with a voice
        
that was sharpish and bossy.
        

Mister! he said with a sawdusty sneeze,
        
I am the Lorax. I speak for the trees.

    • I don’t really care what Deutsche Bank’s real reasons are. They’re not funding it, and that’s a good thing.

      Coal is evil, and increasingly uneconomic.

      • Well mate – none of us live in a cave. And the alternatives aren’t rushing out to meet us!!! Personally I think subsurface nuclear or geothermal as some call it, is the best option. But unconventional geothermal needs a few more years yet… as I found out much to my chagrin.

      • Mind you, didn’t the Lorax live in a tree stump or something??? I know my kids have the DVD, but I haven’t watched it yet. Only remembering the book.

      • Maybe should price carbon emissions and see what the market comes up with … Oh, wait.

      • george fripley

        researchtime – without wanting to come over all green – or at least loony green, nobody will bother with investing in alternative technologies while the great backstop of coal is there as a cosy fallback position. Once another form of energy generation really gets going, rather than potters along in the background like most currently are, then the economies of scale will kick in make them much more affordable.

        Not sure whether they’ll ever be as cheap as coal, but there is scope for them to be a lot cheaper with greater uptake. And who knows, less reliance on coal might stimulate other ideas. We’ve just got to get off the addiction to coal first – and that means some pain that no government wants to have to deal with.

        So I’m not holding my breath in anticipation.

      • Yeah – don’t – you will expire. But in saying that, coal isn’t too bad if you put in scrubbers – which virtually no Chinese plant has. It would clear the smog you see on TV instantly. Nuclear is an good option – especially fourth generation reactors. But no one can afford them it seems. So ultimately, I think unconventional geothermal is the key. Its all depends on depth and circulation. Theoretically, it could be utilised anywhere on earth. The Americans are making big strides in this area. Its actually all very exciting.

      • george fripley

        Geothermal looks great, and here in Perth we are well positioned with potential resource…nobody appears will to invest much though.

        In fact, as a place for renewable energy, Perth has great potential – wind, great swells coming up from the Southern Ocean (interesting pilot going on at the moment), hot rocks, just a little bit of sunshine too – you’d think we’d be a bit further along the road by now.

        It all seems too hard – perhaps I’ll go down to the beach instead..

  2. Stephen Morris

    Mr Brown joined a throng of protesters and special interest groups . . .

    How does an “interest group” graduate to become a “special interest group”?

  3. I am guessing Clive Palmer can give up on ever getting coal out of his little patch of land on the Galilee Basin.

    Good, he will be even more furious and angry with the Libs.

  4. interested party

    There are many others ready to fund if the price is right.
    Given enough time, this coal WILL be dug up and burnt. The story of depletion will dictate that. The only way that will change is if energy and energy generation is priced in environmental terms and costs, and not the dollar based system used now.

  5. The Galilee mines are goers if, Indian companies undertake the construction, and an Indian workforce is employed on wages comparable to India. Those mines would still pay full QLD State royalties.
    The outcome will depend on how desperate QLD becomes for funds. Turtles or no turtles. WW

  6. Apparently 180,000 Germans signed a petition asking the Deutsche Bank not to fund it.