Adani loan rife with conflicts

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The Guardian:

A director of the independent board due to provide recommendations regarding a $900m taxpayer loan to Adani publicly declared she was “very supportive” of its “vital” coal project, a day after she was accused of allowing a perceived conflict of interest to develop.

Karla Way-McPhail, who runs mining labour and equipment hire companies, last week told a central Queensland newspaper that Adani’s Carmichael mine project would be “a huge boost” for the region.

“We’re very supportive and have been in the industry over 20 years and think it’s vital to the economic platform of central Queensland and we think we really need to see the Galilee [basin] opened,” she told the Morning Bulletin in Rockhampton in a story published last Friday.

Way-McPhail sits on the independent board of the Northern Australia Infrastructure Facility (Naif), which will make investment recommendations, including whether to grant the loan to Adani.

She is the chief executive of the coalmine labour and machinery supplier Undamine Industries, which says on its website it is well-placed to work with miners in the Galilee. The Adani proposal would open up the Galilee for development.

“Our Central Queensland base allows us to effectively serve areas such as the Galilee Basin and beyond,” it says.

Knock me over with a feather.

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.