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Friday, 20 June 2014

Queensland coal terminals: one project shelved, another one shunned by banks

The coal port of Hay Point The coal port of Hay Point NQBP

North Queensland Bulk Ports Corporation (NQBP) today announced that it was withdrawing its proposal to develop two coal terminals in Hay Point, Australia, due to insufficient demand for coal.

Three days ago, RBS announced that it would not fund another NQPB project, this one in Abbot Point, which had already been shunned by Deutsche Bank out of environmental concerns.

NQBP had planned to expand its Hay Point facilities by building two coal terminals of a combined capacity of 180 Mtpa at nearby Dudgeon Point. “This particular development proposal will be withdrawn,” said Brad Fish, CEO of NQBP. “Current and short-term forecast market demand for coal does not support an expansion to the capacity proposed in the Dudgeon Point Coal Terminals Project.”

Meanwhile, funding for the expansion of the Abbot Point coal terminal seems increasingly difficult to secure. Royal Bank of Scotland (RBS) said on Tuesday that it is not involved in the project “and has no plans to be involved in the future.”

Last month, Deutsche Bank announced that it would not finance the coal terminal project near the Great Barrier Reef.

In an April report, a UNESCO committee noted “with concern” the “proposed dumping of dredged material from the proposed Abbot Point development” and recommended the inscription of the Great Barrier Reef on the List of World Heritage in Danger.

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