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Tuesday, October 27, 2020

Adani signs royalties agreement with Queensland Government

Adani signs royalties agreement for Carmichael Project

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Adani has finalised its royalties agreement with the Queensland Government. As announced by the Queensland Treasurer yesterday, we can confirm that the royalties agreement has been signed by both Adani and the Palaszczuk Government.

The Carmichael Project will generate billions of dollars in mining taxes and royalties that go to the Australian and Queensland Governments in the first 30 years of operations. This money will help build schools, hospitals, roads and other vital infrastructure for Queensland.

In addition to this contribution, we also recently confirmed that our job numbers on the Carmichael Mine and Rail project had exceeded 1,500 people. We always said we would deliver these direct jobs throughout construction and thousands more indirect jobs as a result.

Construction is now well underway on the mine and rail with more than $1.5 billion in contracts having been awarded to date.

More than 88% of this work is being carried out in Queensland and is spread across all corners of the state to give as many regions as possible the opportunity to benefit from the work we are doing, while also enabling us to tap into the highly-skilled construction and resources industry workforce that Queensland is known for.

Mining has cushioned the Queensland and Western Australian economies from the worst of the devastating economic impact of the COVID-19 lockdowns and we are proud to be a part of that and are powering towards producing coal in 2021.

Adani has finalised its royalties agreement with the Queensland Government
Adani has finalised its royalties agreement with the Queensland Government

There has been a lot happening across our business both here in Australia and overseas. In case you missed it, these are some of the things we have been busy doing.

Adani signs royalties agreement for Carmichael Project
Adani signs royalties agreement for Carmichael Project

New cultural heritage site found and preserved

As part of cultural heritage work in conjunction with the Jangga People on the Carmichael Rail project, a new site thought to be a significant women’s quarry site which was used to create tools, that may be many thousands of years old was discovered. The Jangga People had previously conducted a cultural heritage survey in this area in 2019 and thought the site to be clear.   

In consultation with Jangga, and with their consent, we were able to redesign the railway project, by moving a vehicle access track, which will mean this significant site can remain intact. 

This is a great outcome for both the Jangga People and Adani. The delivery of the Carmichael Project has enabled the Jangga People to do further exploration of their Country and discover more about their own rich history and culture.

Queensland Supreme Court grants injunction against activist Mr Ben Pennings

The Queensland Supreme Court has granted injunctive relief to Adani which forces Brisbane-based anti-fossil fuel activist Mr Ben Pennings to remove social media posts and any other online material related to the ‘Dob in a Contractor’ campaign, remove content from online channels that encourages the collation of confidential material about our business, and to stop what we allege is threatening behaviour towards our contractors and employees.

The injunction was requested in order to prevent Mr Ben Pennings from continuing what we claim is a sustained campaign of harassment and intimidation against our business and contractors, whilst the civil legal proceedings that we have brought against him are underway.

Adani signs royalties agreement for Carmichael Project
Adani signs royalties agreement for Carmichael Project 1

Adani ranked the world’s largest solar power generation company

 Mercom Capital Group, a clean energy communications and research firm has named Adani Green Energy Limited (AGEL) as the world’s largest solar power generation owner based on operational, under construction and awarded projects. 

With a total capacity of 12.3 GW, Adani’s rapid expansion into the renewable energy sector will help to displace 1.4 billion tonnes of carbon dioxide over the life of its assets.

Adani signs royalties agreement for Carmichael Project 2
Adani signs royalties agreement for Carmichael Project 2

We have always said that both coal and renewables are needed to provide a reliable and affordable energy mix in order to meet current and future global energy demand. As renewable technology improves there is no doubt that it will supply more energy, however this will take significant time as thermal power stations won’t be retired until they reach the end of their lives which is decades away. That is why we are committed to both coal and renewables.

This latest ranking by Mercom Capital found Adani is roughly 70 percent larger than the next-largest solar power generation company and that our renewable energy portfolio exceeds the total capacity installed by the entire United States solar industry in 2019.

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