Follow The Money: "carbon Bomb"

Australian Minister for Environment Greg Hunt on Monday said,
. . . he had given approval for  another coal mine,
. . . set to be the largest in Australia, and
. . . one of the largest in the world.

Its plans include:
. . . . . . 6 open cut pits and
. . . . . . 5 underground mines with a total area of 28,000 hectares.

All coal will be railed via a privately owned rail line connecting to,
. . . the existing Aurizon rail infrastructure near Moranbah, and
. . . shipped through coal terminal facilities at the Port of Abbot Point and/or
. . . the Port of Hay Point.(to India and/or China which are going with Renewables)

To proceed however, those rail projects and the port facilities need to be financed,
. . . and there is growing doubt that banks will come to the party,
. . . because of the risk of stranded assets in a carbon constrained world.

“Ironically, should the Galilee proceed, it will actually accelerate
. . . the longer term destruction of our coal export industry,
. . . by dramatically further expanding the capital invested,
. . . whilst at the same time taking coal prices globally down another 10-20%,
. . . hence further squeezing sector profit margins,
. . . that are already down to zero,
. . . as Peabody reported last week.”

07-28-2014 Source:  Follow the Money: "Carbon Bomb"