6 May 2015 ANZ chief executive Mike Smith yesterday warned investors and the wider Australian public that the country must move on from the resources boom. Echoing the widespread expectation that commodities prices will not recover to anywhere near their former lofty...
Coal
World Heritage Day – CommBank customers divest!
On Saturday 18 April, we celebrated World Heritage Day in style. Dozens of Commonwealth Bank customers turned out to divest from the bank outed as helping Adani secure finance for its planned mega coal mine and new export terminal in the Great Barrier Reef World...
Media release: Adani running out of options as French banks’ “no” to Galilee Basin coal
Sydney / Melbourne, 10 pm AEST 8 April 2015 (2 pm Central European Time) The news that three major French banks have committed to not finance proposed coal mines in Queensland’s Galilee Basin is a massive blow to Adani, whose Carmichael mega mine will need billions in...
French banks rule out funding Galilee coal exports!
8 April 2015 Three major French banks have announced they will not fund the mega coal mines proposed in the Galilee Basin, or associated infrastructure such as the new coal export terminals at Abbot Point. BNP Paribas, Societe Generale, and Credit Agricole have issued...
Australian Government operative leans on US banks for big coal
11 February 2015 Documents released today through Freedom of Information (FoI) reveal that the Former Howard Government Minister Nick Minchin, a self proclaimed climate change ‘sceptic’, has lobbied at least one of the banks in the United States who last year...
Societe Generale pulls out of Alpha Coal!
6 December 2014 French bank Societe Generale has withdrawn from the Alpha Coal project after months of sustained campaigning by local groups in France. A short statement was released on the bank's website and the bank tweeted the announcement: Societe Generale's...
India rejects Galilee Basin coal
9 November 2014 Polling has revealed strong opposition from within India to the plans of GVK and Adani to import coal from their proposed Queensland mega-mines. The poll, conducted by Indian market research company AZ Research for Market Forces, found that 69% of...
Divestment Day live Oct 2014!
On the 17th and 18th of October, hundreds of Australians will be turning out to close their accounts in protest of the big banks' role in funding dirty coal and gas projects. We'll be tracking events around Australia right here on the live blog so stay tuned! Share on...
The incredible shrinking coal industry
Market Forces in the media Originally published in RenewEconomy, 13 October 2014 A lot has changed in the last few years. Just a few years ago, with prices of both thermal and coking coal through the roof, it was cigars and caviar time for an industry who were...
Going begging for GVK coal
15 September 2014 Market Forces took pity this morning on GVK, who need to find $560 million by tomorrow as part of their deal to own the Alpha Coal Project, a massive thermal coal mine in Queensland's Galilee Basin. GVK bought Alpha from Hancock Coal in 2011 for $1.2...