Faith in Adani finances
IF ADANI has confidence in the financial viability of its Carmichael coal mine, then the Resource Industry Network does too.
That's what the industry body's director Mick Crowe said, as he dismissed claims the mine is 'unbankable'.
The claims followed the release of 347 emails from the former state government which cast doubt over the mine's viability. Last year, when the emails were written, Adani had sought money from the Newman government to help build its rail line.
An officer in a Queensland Treasury division told his executive director that Adani wanted cash "with virtually no strings attached".
Information about Adani itself was described as "not particularly transparent".
But Mr Crowe said this was not relevant because the current government had pledged not to spend taxpayer money on the Adani project.
A spokeswoman for Mines Minister Dr Anthony Lynham confirmed the government was "not making direct government contributions towards funding the railway".
Mr Crowe said he had confidence in the mine's outlook because India's demand for coal gave it a point of difference from other coal mines.
"Adani are not building this mine to just sell coal on the open market. They are not looking to build it as a straight export mine," he said.
"They are ensuring supply to India. And they have already spent more than three billion dollars."
Adani also recently put its engineering plans on hold as it awaits State Government environmental approvals, but Mr Crowe said Mackay should remain optimistic about the venture.
"We need to highlight ways to support jobs in Queensland," he said. "The Indian people are going to demand power, that needs coal as part of the solution. It's Queensland jobs versus jobs somewhere else."