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Palaszczuk Government dismisses complaints about NAIF veto impact

Coal News - Published on Tue, 02 Jan 2018

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Courier Mail reported that Palaszczuk Government has dismissed Adani’s complaints about the impact of the Northern Australia Infrastructure Facility veto. Mr Jeyakumar Janakaraj CEO Adani Australia said that company was not prepared for the bad news about the NAIF loan veto. It followed claims by the company that the Premier’s decision to veto the Federal Government loan had shaken the company and forced it to redo its financing for the mine, port and rail project in central Queensland.

That has led to the company missing its own deadline to fund the more than USD 2.5 billion in debt it needs to build the project and also forced it to scrap an agreement with Downer Group to build the mine.

A Palaszczuk Government spokesman said that “Adani representatives themselves have claimed as far back as 2015 that the commercial viability of their project was not dependent on public funding and in fact started developing their project six years before the NAIF was established.”

“We are confident that even though the company has not met its own self-imposed financial close deadline, this will not deter the project as has been the case previously.’’

Mr Gautam Adani chairman Adani Group meets Queensland Premier Annastacia Palaszczuk in happier times in Townsville in December 2016.

Adani Australia chief executive Jeyakumar Janakaraj said the company had found out about the briefing when Premier Annastacia Palaszczuk announced it at a media conference one week into the state election campaign. He said that “No one is prepared for bad news. Obviously it shook us.”

The company began work on the project in 2010 and has faced years of delays because of legal appeals from protesting activists.

Activist group Galilee Blockade took to social media to accuse Adani of being sooks over the Government’s handling of the issue and said the company had so far failed to get funding or a project partner to build or operate the mine and had not been able to finalise its indigenous land use agreement because of legal action launched by activist Adrian Burragubba.

Stop Adani protesters at Belyando, central Queensland, on December 6.

But Mr Janakaraj said the public have to be able to see through the constant negativity from the activists. He said that “One thing I can tell you is that we have become the lightning rod for coal and new development, for sure.”

“It’s sad it has been done that way. The activists have planned it that way and they are using it to their advantage and this is where people have to see through the mask and see what the motive is behind the protest.

“Is it environmental or about the Great Barrier Reef? No, because all that has been taken care of by the way things are done in Australia.

“We are completely bound by those conditions and actions.

“In 2010 they (the activists) came out with that document to stop Australia’s coal export boom and they are following that document to the very word.”

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Posted By : Nanda Koijam on Tue, 02 Jan 2018
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