Australian Environment Minister Greg Hunt has been a strong advocate of Adani Group’s recently signed $15.5 billion deal to mine and export coal from the Carmichael area to Adani’s native India.
He tried to counter protests from environmentalists by explaining in great detail how the project would boost Australian economy. He explained that at full export capacity, the project was expected to contribute almost $930 million to the Mackay region’s gross regional product and $2.97 billion to the Queensland economy each year for the next 60 years. The mining project will generate an estimated 2475 construction jobs and a further 3,920 jobs during the operations phase.
For India, on the other hand, it would mean securing the energy needs for millions.
Cabinet colleague and Australia’s Trade and Investment Minister Andrew Robb, too, hailed Hunt’s decision to grant environmental approval to Adani Mining, the subsidiary of Adani Group, the company that bagged the contract. He said the project demonstrated the enormous potential that remained in Australian resources and energy, in this case coal, to help drive continued economic growth and job creation. The move will help support the opening of Australia’s first new mineral province in 40 years..
Posco Engineering & Construction Co., a unit of South Korean steel giant Posco, will help build the railway tracks for transporting coal from the mine being developed by Adani. Together with the rail project, overall, the Queensland project is expected to generate over 10,000 jobs in Australia.
The author, Sohrab Darabshaw, contributes an Indian perspective on industrial metals markets to MetalMiner.