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Economics Of Adani Project Did Not Stack Up (Read 1875 times)
whiteknight
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Economics Of Adani Project Did Not Stack Up
Nov 15th, 2017 at 11:40am
 
Australia business leaders Michael Myer and Geoff Manchester oppose Adani’s coal mine project


news.com.au November 14, 2017

   



OPPOSITION to Adani’s coal mine continues to build as two prominent Australian business leaders come out against the project.

Entrepreneur and philanthropist Michael Myer of the prominent Myer retailing family, and Intrepid Travel founder and chief executive officer Geoff Manchester, have both decided to speak out against the $16.5 billion project in Queensland’s Galilee Basin.

The two men share similar concerns but were not aware of the other’s views before going public.

“The mine itself is an outrage,” Mr Myer told news.com.au.   Sad

“It’s a stranded asset ... and the proponent (Gautam) Adani is basically doing a very good job at conning our politicians at all levels of government.”

But he said the fact that governments were subsidising the project was also concerning. Federal, state and local governments have all agreed to, or are considering, providing the project with financial assistance.

Mr Myer said the economics of the project did not stack up and the leading supporters of the project were politicians, not those in the business world.

“The whole line that this is good for Queensland jobs is farcical and delusional,” Mr Myer said.

“It doesn’t stack up economically and as time goes on the economics get even worse.”

While the governments have continued to spruik the “10,000 jobs” that will be created, Adani’s own expert has admitted the figure will be closer to 1400 once jobs lost in other areas are taken into consideration.

Mr Myer believes the 10,000 number is “mythical” and the real number will likely be even less than 1400 as many operations can now be automated.   Sad

These jobs could also come at the expense of others.

At risk is Australia’s lucrative tourism industry with many concerned about the impacts of climate change on the Great Barrier Reef.

“Tourism operators are very concerned about this because we’ve already seen some negative impact on the Great Barrier Reef from bleaching in the last couple of years,” Intrepid CEO Geoff Manchester said.

“We’ve already had seen some local tourism operators impacted.”




Intrepid runs tours around the world so Mr Manchester is not too worried about his own business but he said the reef was of huge importance to Australia.

“We are coming into an era of potential growth in Australia, Asian countries are becoming more wealthy and travelling in larger numbers,” he said.

Mr Manchester said Asian tourists, especially those who lived in polluted cities, wanted to experience nature and animals they would not necessarily see in their home countries. This provided Australia with a significant opportunity to boost its economy.

“People are less interested in owning things and are becoming more interested in experiences,” he said.

“They see travel as part of life rather than a luxury that you only do when you can afford it.”

As leaders in their industries, both men said they wanted to voice their opposition publicly to the mine and a potential $1 billion concessional loan that the Northern Australia Infrastructure Facility is considering.

“There are lots of tourism businesses in Australia and it’s hard for them to get together and speak with one voice, we hope to speak up for them,” Mr Manchester said.

“We are a private, significantly sized company and I feel we have a duty to speak out against it.

“Hopefully this will make other companies feel more comfortable about speaking out as well.”

Mr Manchester said tourism was the biggest employer in Australia.

“It seems wrong to be threatening the (tourism) industry, and wrong to be subsidising the (coal) industry.”   Sad

Their remarks come as another entrepreneur warned Australia’s economy had serious problems.

In analysis published in news.com.au today Matt Barrie and Craig Tindale point out that coal consumption in China had dropped three years in a row, and in January 2017, 100 coal fired power plants were cancelled.

“China has announced that it is spending a whopping $360 billion on renewables through 2020, and this year is implementing the world’s biggest cap-and-trade carbon market to curb emissions,” the authors noted.

“Blind to the reality of this situation, Australia is ramping up coal production while China commits to ending coal imports in the very near future in what can only be described as a last-ditch “dig it up now, or never” situation.”

According to the Australian Bureau of Statistics, in 2015-16 the entire Australian mining industry which includes coal, oil and gas, iron ore, the mining of metallic and nonmetallic minerals and exploration and support services made $179 billion in revenue.

But it had $171 billion in costs, which meant it delivered an operating profit before tax of $7 billion — representing a wafer thin 3.9 per cent margin on an operating basis.   Sad

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macman
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Re: Economics Of Adani Project Did Not Stack Up
Reply #1 - Nov 15th, 2017 at 12:30pm
 
But, but, none of this can be true. Liar told us it was the greatest thing since sliced bread! This pair must be getup plants. Grin Grin Grin Grin Grin Grin Grin Grin Grin
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John Smith
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Re: Economics Of Adani Project Did Not Stack Up
Reply #2 - Nov 15th, 2017 at 12:41pm
 
apart from some politicians, and the people from Adani, there isn't a single businessman, accountant, banker, financier etc who thinks Adani is a good investment. It's a con and the politicians will keep pushing it for as long as they keep getting donations from adani.
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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.
 
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juliar
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Re: Economics Of Adani Project Did Not Stack Up
Reply #3 - Nov 15th, 2017 at 12:47pm
 
Heavens the gloom and doom Blackday is regurgitating the long dead GetUp! rave about the already started ADANI.

These types just keep on banging on the shed wall convincing only themselves while the rest of the world moves on.
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minarchist
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Re: Economics Of Adani Project Did Not Stack Up
Reply #4 - Nov 15th, 2017 at 2:00pm
 
I'm a Libertarian and based on the information I've come across I think that for Adani to build the Carmichael Mine will be a bad idea, even if you ignore the potential effects of Global Warming or the potential effects on the Great Barrier Reef. The fact that Adani is seeking a government loan for the project to proceed should ring alarm bells, but on top of this Adani has a history of engaging in illegal mining, corruption, tax evasion and violating environmental regulations. It would be far more profitable for Adani to purchase all the unexploited coal deposits in the Surat Basin than they would ever expect to gain from the Carmichael mine, given that all the rail infrastructure is already there. Better still, they could purchase all the stagnant coal mines across the country that shut down after the coal price plummeted a few years ago.

To say that all the negative attention towards the Carmichael Mine is due to a GetUp! fake news campaign is being unreasonable.
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People accuse Capitalism of being a "dog eat dog" system, yet it was the Communists who ate each other when they were starving!
 
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hatman92
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Re: Economics Of Adani Project Did Not Stack Up
Reply #5 - Nov 15th, 2017 at 5:19pm
 
Hilarious how a tourism operator goes on about climate change.

Unless tourists come on a wind powered boat then tourists are contributing to climate change.
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thecuriousmail
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Re: Economics Of Adani Project Did Not Stack Up
Reply #6 - Nov 15th, 2017 at 6:08pm
 
The math for Adani never added up.
The political support I suspect is either purely ideological, or has been bought.
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"We cannot solve our problems with the same thinking we used when we created them." Albert Einstein
 
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