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Canavan commends Adani on securing finance, start of works imminent

29 November 2018

Minister for Resources and Northern Australia Matthew Canavan has welcomed Adani’s announcement it will self-finance its Carmichael mine and rail project, with the start of preparatory construction works imminent.

Minister Canavan congratulated the company on its focus and commitment to the project in the face of longstanding, ill-informed protest activity and an indecisive State Labor Government.

“Adani’s ability to re-scope and finance its Carmichael mine and rail project proves it is a viable, job-creating concern which stands on its own two feet financially and environmentally,” Minister Canavan said.

“This type of commitment is the hallmark of Queensland’s resources sector, which has a well-earned reputation of being the powerhouse of Queensland’s economy.

“Great communities like Townsville, Bowen, Mackay, Rockhampton, Gladstone, the Central Highlands and dozens of others have prospered because of the mining sector. Queenslanders are looking forward to projects such as the Carmichael mine reinvigorating those towns and others once again.”

Minister Canavan said communities throughout regional Queensland would also welcome today’s news.

“The Carmichael project has the potential to create more than 7,000 new jobs in Queensland – a remarkable contribution to our regional and state economies,” he said.

“Last financial year the sector poured $62.9 billion into Queensland’s economy and was responsible for more than 54,000 fulltime jobs.

“Since the Queensland Labor Government was re-elected, statewide unemployment has jumped from 5.9 to 6.3 percent. In Central Queensland, unemployment sits above the state average at 6.8 per cent, while Townsville is worse still at 8.9 per cent.”

The International Energy Agency recently forecast Australia’s net exports of coal would grow by around 20 per cent by 2040. Australia is also the only exporting coal producer projected to significantly ramp up coal production over the same period.

The IEA report also flagged the development of new coal basins in Australia on the back of increased demand for coal and the need to develop new ports and other transport infrastructure.

Media contact: Minister Canavan's office 02 6277 7180