Pages tagged "Royalties"
Adani is currently in private negotiations with the Queensland Government to secure a royalty holiday so they can afford to build their mega coal mine in the Galilee Basin.
The deal could extend until the mine is profitable, which most financial analysts think it will never be. In documents disclosed under Freedom of Information laws, Queensland Treasury officials described the Adani mine as “unbankable”. At stake is up to $700 million in royalties that should be used to fund Queensland’s firefighters, schools, hospitals and roads.
The government has set itself a deadline of November 30 to make a decision but Queenslanders may never know the details. Both Adani and the government are refusing to divulge information about the secret agreement, citing commercial in confidence.Read more