The victory of the Australian Labour Party – which has promised to veto a prospective Federal government to the Adani group – is bad news for the company.
Although it’s unclear what was discussed, the meeting comes days after China’s two top banks said they would not fund the company’s controversial coal mine in Australia.
Industrial and Commercial Bank of China and China Construction Bank said in separate statements they were not working on the project after media recently reported that Chinese banks may get involved.
Even as China has swooped in to save the day, critics claim that the project is financially unsustainable and will only work if the risk is shifted onto Australian taxpayers.
Annastacia Palaszczuk reversed her previous support for Gautam Adani’s application for a concessional Australian government loan to pay for a rail line from the outback mine site to a coastal port.
With the $16-billion Adani coal mine dividing the Australian public, The Wire looks at the country’s environmental concerns and how the Carmichael project adds to them.