Adani Cancels $1.5 Billion Contract on Australian Mine Project

first_img FacebookTwitterLinkedInEmailPrint分享Financial Times:Adani Group has cancelled a A$2bn (US$1.5bn) contract with a mining services company for work on its proposed Carmichael coal mine in Australia due to its failure to raise funds for the controversial project.The cancellation of the contract with Downer, an Australian company, on Monday is the latest challenge to hit the Indian conglomerate’s project, which has become a focal point for protesters over the role played by coal in causing climate change.It also follows a decision last week by the Queensland state government to veto a A$900m low-cost loan to Adani and the failure of Chinese investors to back the Carmichael mine.Adani said it remained committed to the A$16.5bn Carmichael project but planned to develop and run the mine on an owner-operator basis to achieve the “lowest quartile cost of production”.The Carmichael project has become a symbol of the global battle between environmentalists and the fossil fuel industry, attracting a series of legal challenges that have caused lengthy delays. The proposed mine sits in Queensland’s Galilee Basin, one of the world’s largest untapped coal resources.Adani’s board gave final approval for the mine in June. But raising money for the venture has so far proved an insurmountable challenge due to the decline in global coal markets and a vocal protest movement led by international environmental groups such as 350.org and Greenpeace.The project has become a litmus test on the future of coal, amid growing investor fears about whether increasingly onerous regulations on the emissions will create stranded assets.On Monday the world’s biggest coal terminal, Port of Newcastle, warned it needed to diversify and prepare for a future without coal.“It looks like another wheel has fallen off the Adani project,” said Tim Buckley, a director at the Institute for Energy Economics and Financial Analysis, an opponent of the Adani project. “With all of the Chinese banks ruling out involvement in the Carmichael proposal, deal funding has fallen over.”More: Adani cancels A$2bn Australia coal mine contract amid cash crunch Adani Cancels $1.5 Billion Contract on Australian Mine Projectlast_img read more

Cuomo Declares State of Emergency for Long Island Amid Winter Storm

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Plows attacking the snow during a previous storm.Gov. Andrew Cuomo Thursday declared a state of emergency for Long Island amid a prolonged winter storm that’s threatening to pound the area with a wintry mix for most of the day.The declaration allows the state government more flexibility in diverting resources to local municipalities, as it did last week when it delivered 3,500 tons of salt to towns and villages that were suffering from depleted supplies.But, Cuomo said, salt shouldn’t be an issue this time around because most municipalities appear to be well-stocked.As for this storm, the governor said it has “brought a mix of everything. We have snow, we have sleet, we have rain, we have ice.”He advised residents not to be fooled by the rain because forecasters expect a second cycle of snowfall later in the afternoon when temperatures return to below freezing.Cuomo has yet to close any state roads as he did in previous storms, but he left open the possibility if conditions worsen.As of Thursday morning, some parts of the Island have already seen up to 9 inches of snow, including Commack in Suffolk County and Uniondale in Nassau County.Several other communities measured upwards of 8 inches, according to unofficial amounts posted by the National Weather Service.The agency issued a winter storm warning until 6 a.m. Friday. A high surf advisory is also in effect until 6 p.m. Friday.The storm has already caused scattered systemwide delays on the Long Island Rail Road and made a mess of local roads and highways.A traffic map of Long Island on the New York State Department of Transportation website reported that most of the roads in Nassau were experiencing severe snow and icy conditions. Winter road conditions appeared less severe further east.“These storms are more frequent and they’re more ferocious,” Cuomo said.“Don’t get cocky about it,” he added, “and don’t take them casually.”The governor also declared a state of emergency for New York City and the Mid-Hudson.last_img read more