Australian Coal Port $10-bln Extension Shelved
A proposed $10 billion Australian coal port expansion, one of two port expansions planned near the Great Barrier Reef, was shelved by its sponsors on Friday who pointed to a lack of demand for the extra capacity. The Dudgeon Point coal terminal project, designed to handle 180 million tonnes a year, was withdrawn on Friday ahead of a deadline for submitting all the studies for its application for environmental approval. The decision came in the wake of a slide in coal prices to five-year lows that has forced miners, led by BHP Billiton Ltd and Glencore, to cancel coal projects, shut mines and sack thousands of workers. The two-terminal…
Banks Won't Fund Coal Port Expansion near Reef
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.
