Galilee coal hit as Deutsche pulls Abbot point

Advertisement

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:

image
Advertisement

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

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.