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Odds Are Against Completion of Australia Mega-Mine Project

first_imgOdds Are Against Completion of Australia Mega-Mine Project FacebookTwitterLinkedInEmailPrint分享The Guardian:Adani’s operations in Australia appear to be hanging on by a thread, as activists prove effective at undermining the company’s chances of getting the finance it needs.China seems to have ruled out funding for the mine, which means it’s not just Adani’s proposed Carmichael coalmine that is under threat, but also its existing Abbot Point coal terminal, which sits near Bowen, behind the Great Barrier Reef.The campaign against the mine has been long. Environmentalists first tried to use Australia’s environmental laws to block it from going ahead, and then failing that, focused on pressuring financial institutions, first here, and then around the world.The news that Beijing has left Adani out to dry comes as on-the-ground protests against construction of the mine pick up. Two Greens MPs, Jeremy Buckingham and Dawn Walker, have been arrested in Queensland for disrupting the company’s activities.Is China’s move the end of the road for Adani’s mega coalmine in Australia, and will the Adani Group be left with billions of dollars in stranded assets?One by one, each of the big four Australian banks ruled out financing the mineBut Australia’s environmental law leaves very little opportunity for challenging the merits of a minister’s decision – it only allows for challenges on whether those decisions considered everything required by the law. As a result, the minister needed only approve it again, after formally considering the impact on the two species.Another court challenge argued the approval was invalid because the emissions caused by the mine – which would be greater than those of New York City – were a threat to the Great Barrier Reef. Hunt argued in court, successfully, that there was no definite link between coal from Adani mine and climate change.It became apparent Australia’s environmental laws were unable to stop a project like this if the government of the day was determined to push it through.Although further court challenges remained on the cards, they could only serve to delay the project. So activists changed tactics, aiming to undermine the company’s chances of securing finance for the mine and its associated infrastructure.While threats to reputational damage were not effective against Adani Group, since it is family-owned, the same was not true of Australian banks, which were targeted heavily by activists.And one by one, each of the big four Australian banks ruled out financing the mine.By then Adani had seen the writing on the wall, and had shifted to seek finance from overseas institutions. It entered negotiations with the state-owned China Machinery Engineering Corporation (CMEC), which was thought to raise the potential of subsidised Chinese government loans.The Australian government, which was seeking to give Adani its own subsidised loan, had supported the company’s efforts in China, according to a freedom of information request by the Australia Institute that reveals “several hundred pages” relating to formal representations to foreign financiers by the Department of Foreign Affairs and Trade.In a Senate estimates hearing, it was revealed that the minister for trade, Steve Ciobo, and the deputy prime minister, Barnaby Joyce, had written a letter to the Chinese government confirming the mine had received all necessary environmental approvals.But even support from the highest levels of Australian government could not secure Chinese financing for the project – the activists won again.In a letter to ACF’s Geoff Cousins, China’s Australian embassy said that Beijing had “taken note” of his concerns, and that while a Chinese entity had been negotiating with Adani, it had terminated the negotiation process “due to the absence of commercial feasibility”.It also noted that “no Chinese banking institution has made any financing commitment to the project.”“Approaching China would seem like the last roll of the dice so Carmichael is now looking even more like the definition of a stranded asset,” says Simon Nicholas, an analyst from the pro-renewables Institute for Energy Economics and Financial Analysis (Ieefa).“Although there have been many twists and turns on Carmichael already, which makes it hard to predict,” Nicholas says. “Adani is faced with writing off their A$1.4bn investment if they can’t get the project going so they’ll continue to state that they are pursuing funding and make it sound like everything’s under control.”Tim Buckley, also from Ieefa, says the news is a major blow to the Carmichael project, and will mean there is unlikely to be much movement from Adani until after the federal court hears a case brought by representatives of the Wangan and Jagalingou, the traditional owners of the site of the mine.More: Is this the end of the road for Adani’s Australian megamine?last_img read more

SpaceX To Blow Up Rocket on Purpose Saturday

first_imgIn order to make sure astronauts in upcoming manned flights are safe during a launch mishap, SpaceX will deliberably blow up a rocket this weekend.The private space flight company will blow up a Falcon 9 rocket at Cape Canaveral, Florida Saturday morning.The aim is to prove that astronauts in SpaceX’s Crew Dragon capsule would be protected in a launch emergency.Liftoff for the uncrewed flight test is scheduled for 8 a.m. Eastern time.Just a minute and a half after launch, the Falcon 9 will kill its engines and the Crew Dragon will fire its SuperDraco engines to separate from the rocket. At this point, the rocket and the capsule will both be traveling around 1,000 miles per hour. After separation, they will continue coasting toward the stratosphere before they begin their return to Earth. The Falcon 9 is expected to get torn to shreds over the Atlantic Ocean during its descent, but the Crew Dragon will gently land in the ocean under parachute.“We tried to design a way to save B1046, but not possible,” CEO Elon Musk tweeted, referring to the rocket by its block number. Instead, he wrote, it will be “destroyed in Dragon fire.”The so-called “in-flight abort test” is going to be one hell of a show, and it is one of the last major milestones before SpaceX can start sending astronauts to the ISS. The test is meant to show NASA that in the event of an emergency during launch, SpaceX can jettison astronauts to safety. It will mimic an actual launch to the space station in nearly every way, except no astronauts will be on board.NASA describes an emergency during launch as an “unlikely event,” but this kind of dramatic escape is more than a hypothetical. In 2018, a Russian Soyuz rocket had to jettison its capsule containing a Russian and American astronaut after one of the rocket’s boosters failed. It was the first time in history an abort system was used during flight with astronauts on board, but it worked perfectly and both astronauts returned safely to Earth.Although SpaceX’s uncrewed demo mission went off without a hitch, its Crew Dragon capsule exploded during a test, a problem that the company traced to a leaky valve. In December, however, SpaceX completed its tenth consecutive successful parachute test, which is required by NASA before astronauts can fly.Most Popularlast_img read more

Olimpic defeated Kazakh club

first_imgFootball players of Olimpic from Sarajevo defeated Kazakh club Atyrau in an exhibition match which was played in Turkey with 3:0.Olimpic played a good match and the victory was well earned. Muharemović scored the first goal in 11th minute, Karić in 53rd and Vila scored the third goal for the final result.The team of the FC Olimpic was Fejzić, Muharemović, Ivetić, Regoje, Bašić, Vidović, Mišić, Duljević, Kapić, Karić, Đelmićlast_img

Donnie Nietes set to face Kazuto Ioka for WBO junior bantamweight title

first_imgWill you be the first P16 Billion Powerball jackpot winner from the Philippines? Japeth Aguilar embraces role, gets rewarded with Finals MVP plum Allen Durham still determined to help Meralco win 1st PBA title Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award UFC boss meets with Floyd Mayweather’s team Ioka (23-1), who is seven years the junior of the 36-year-old Nietes, ended a 16-month retirement when he scored a unanimous decision win over McWilliams Arroyo after 10 rounds in his first fight in the junior bantamweight division and in the United States.Nietes and Ioka were actually in the same SuperFly 3 card on Sept. 8, 2018.Both Nietes and Ioka are three-division World champions winning titles in the flyweight, light flyweight, and minimumweight divisions.“It won’t be an easy fight either way but Donnie has always been confident,” said Aldeguer. “Ioka is a bigger name and comes from a respected country like Japan.”“Nietes wants the biggest fights out there and this fight is a step towards it.”ADVERTISEMENT Nadine Lustre’s phone stolen in Brazil LATEST STORIES Gov’t to employ 6,000 displaced by Taal Tim Cone, Ginebra set their sights on elusive All-Filipino crown View comments If Nietes wins the bout, he will join fellow Filipino IBF World super flyweight champion Jerwin Ancajas as titlists in the 115-lb division.Sports Related Videospowered by AdSparcRead Next Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college As per Ring Magazine, the ruling was brought upon during the WBO Convention in Panama with Nietes’ promoter Michael Aldeguer of ALA Promotions confirming the news.“In principle, the fight is done is a done deal,” said Aldeguer.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissRing added that Aldeguer and Ioka’s promoter TLAROCK and manager Taku Nagashima discussed everything and that the contract signing was a mere formality.Nietes (41-1-5) had his first chance at the WBO junior bantamweight belt when he took on fellow Filipino Aston Palicte (24-2) but the judges ruled on a split decision draw in the Sept. 8, 2018 fight that left the sanctioning without a champion in the division. Don’t miss out on the latest news and information. FILE – Boxing world champion Donnie “Ahas” Nietes. Photo by Mark Giongco/INQUIRER.netFilipino boxing icon Donnie Nietes can get another chance to become a four-division World champion after the World Boxing Organization ordered him to fight Japanese star Kazuto Ioka.The bout will be for the sanctioning body’s vacant World junior bantamweight (the super flyweight division in the WBC, IBF, and WBA) belt.ADVERTISEMENT MOST READ Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anewlast_img read more