The State Bank of India had reneged on a $1 billion financing agreement for Adani’s Galilee Basin coalmine. The loan was agreed to five months ago to help finance mining giant Adani’s plan to develop the Carmichael mega coalmine in Queensland’s Galilee Basin. This is the 12th global investment bank to publicly walk away from the proposal in recent months.
As the Galilee Basin project faces legal challenges by Aboriginal and other community groups and international banks refuse to finance it, the environment movement is focusing its campaign on ensuring that the Australian Big 4 banks also withhold finance.
Representatives of the Wangan and Jagalingou people made this announcement on March 27. * * * The Wangan and Jagalingou (W&J) people announced today that they have rejected an Indigenous Land Use Agreement (ILUA) with Indian giant Adani to build the huge Carmichael coalmine in Queensland’s Galilee Basin. The W&J are the Indigenous traditional owners of the lands earmarked for the mine and of much of the Galilee Basin.