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FROM OUR CORRESPONDENTAUSTRALASIA


Bulk carriers loading coal at the Carrington Terminal in the port of Newcastle. Underlying coal demand across Asia should underpin the development of coal mining projects.


Major mine projects could still fuel growth


Australian coal exports to China have proven problematic but India remains enthusiastic about the country’s coal as Adani presses ahead with plans for a huge mine in Queensland.


our regional correspondent in


Dave MacIntyre, AUSTRALASIA


to the prospect of Indian conglomerate Adani proceeding with its proposed coal mine in the north of the Galilee Basin in central Queensland. Adani’s Australian mining ceo, Lucas


W 34


Dow, moved publicly to confirm that the company still believes in the business fundamentals of the Carmichael mine, regardless of the short-term jitters caused by trade tensions, reports of restrictions on


May/June 2019


hile doubts have surfaced about the sustainability of Australia’s coal exports to China, the project forwarding sector can still look forward


exports and increased handling times at Chinese ports. Coal imports into China have been held


up by Customs officials, leading market observers to suggest that Australian coal has been targeted (either officially or unofficially) as part of a wider Chinese trade agenda. In contrast, Indonesian coal is attracting


significant premiums above Australian coal in the Chinese market. Those jitters caused the share price of


listed coal businesses to slump, but Dow said that while Adani acknowledges negative investor sentiment, it does not believe the problems will persist.


Australia’s largest coal mine The Carmichael mine would be the largest coal mine in Australia at peak capacity, producing about 60 million tonnes per year. Coal will be delivered via a new 189 km railway that will connect with the existing Goonyella line, before being exported via port facilities at Abbot Point. However, the project has faced huge


financial, environmental and political pressures. Adani resorted to self-funding after failing to get third-party financial backing and has faced constant opposition from environmentalists who see specific issues at the site itself, as well as the inconsistency between increasing coal production and Australia’s commitment to global goals of reducing carbon emissions.


www.heavyliftpfi.com “It is probably a near-term situation;


long-term fundamentals are still strong in terms of demand,” Dow said. “It is a knee-jerk reaction.” He pointed to underlying coal demand in


Southeast Asia, and the predicted growth in demand from countries like Vietnam, Thailand and the Philippines – all of which will underpin the development of additional coal resources in Australia, including the Carmichael project.


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