10 October 2018
Today, Canberrans turned out at the Korean Embassy to warn potential investors that buying a stake in Abbot Point means helping Adani build the most controversial project in Australia’s history.
It’s vital that Korean financial institutions and companies are made aware of the massive social and environmental risks posed by the Carmichael coal mine and rail project, and what they’d be getting themselves in for by helping Adani raise capital for this disastrous project.
Government documents reveal Korean government’s interest in Adani Carmichael
In October Market Forces obtained a document through Freedom of Information rules that revealed Korean interest in promoting the Adani Carmichael mine to its country’s financial institutions and companies.
The document is a memo sent from Seoul to Canberra from November 2016, after a meeting between the Korean Export Import Bank and Australia’s Department of Foreign Affairs and Trade. In it, the Korean officials say:
More generally, we underscored our interest in encouraging Korean investment in Australian infrastructure, as well as the participation of Korean E&C companies with respect to construction. While we understood that decisions with respect to commercial viability were for the private sector to make, we noted the strong interest of the Australian and Queensland governments in the success of this project.
Fast forward to 2018 and Adani is trying to sell part of its Abbot Point coal export terminal. It has already been reported that Adani is in talks with Korean investors over that sale. If successful the Abbot Point sale would unlock hundreds of millions of dollars that could then be used to finance the Carmichael mine and rail projects.
If Adani successfully sells part of Abbot Point to Korean investors it would be a major step forward for the Carmichael mega coal mine.
Korean investors need to urgently be made aware of the massive social and environmental risks that are attached to the Carmichael coal export project. If they buy a stake in Abbot Point and help Adani raise capital for the Carmichael project they will be exposed to the immense reputational risk that comes from the most controversial project in Australia’s history.
Adani is reportedly in talks with Korean investors about buying a stake in the Abbot Point #coal port, which could raise capital for the mine and rail project. Today Canberrans turned out to warn Korea about the environmental and social risks of Adani's mega mine #StopAdani pic.twitter.com/vrKJ5953Iz— Market Forces (@market_forces) October 10, 2018