Carmichael Coal Mine Mining Leases Get Approval

The mining leases for the 21 Billion Dollar Carmichael Coal project have been approved, which brings Adani a lot closer to getting the project off the ground. Premier Palazckuk stated that the Minister for State Development and Minister for Natural Resources, Dr Anthony Lynham had approved the mining leases today. They coal mine is located approximately 160 kilometres north-west of Clermont in Queensland.

The premier said in a press conference earlier today that “We have placed nearly 200 strict environmental conditions on these three mining leases —I have now decided that the benefits outweigh those challenges.” Ms Palaszczuk also said “We can have jobs and economic stimulus here in Queensland, but at the same time we can protect our valuable environmental assets.

It is not all roses for Adani at this point, with the premier saying “Some approvals are still required before construction can start and ultimately committing to the project will be a decision from Adani.”

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Glencore Shutting down Australian Coal Mines for 3 Weeks

Huge Coal Company Glencore has announced its closing its doors for three weeks due to an “Oversupply of Coal”. During the shutdown, production will be trimmed to close to 5 Million Tonne and workers will be forced to use their annual leave.

In the unprecedented caused by to much supply of coal, the commodity price has been hurt. Glencore stated that “This is a considered management decision given the current oversupply situation and reduces the need to push incremental sales into an already weak pricing environment”.

They remain upbeat on the fact that they the coal price will come back to normal though. They will shut the doors mid December. They have 13 mines which employs over 8000 people.

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