Gvk Hancock News

The Government of Australia has cleared project proposals to expand a port for two coal projects of both Adani Enterprises and GVK Hancock opposed by green groups. The Labor government in Queensland will allow mining companies Adani and GVK to dredge in Great Barrier Reef waters to expand a coal port but will make them pay for it themselves. "The Queensland Government is restarting the approvals process for expanding the Abbot Point coal terminal in north Queensland in a bid to keep dredge spoil away from both the Great Barrier Reef and nearby wetlands," says an official statement. The government’s deal with the miners on Abbot Point…

Germany's largest bank, Deutsche Bank AG, has declared it will not finance a controversial coal port expansion in Australia near the Great Barrier Reef, responding to calls from environmental groups and tourism operators. HSBC, Europe's biggest bank, also signalled on Friday it would be unlikely to finance the project. Deutsche Bank's stand marks a win for those opposed to $26 billion worth of coal projects that plan to use the Abbot Point port, already facing delays due to weak coal prices. But one company involved said the bank's position made no difference. "This doesn't impact our proposed projects in any way," Indian firm GVK Hancock spokesman Josh Euler said.