News Wrap

IN THIS morning’s News Wrap: Stock exchange quizzes Adani on Galilee Basin coal loan; CSG study finds elevated methane levels near gas fields; and Orica blasts ANU stance.

Lou Caruana

Stock exchange quizzes Adani on Galilee Basin coal loan

Indian conglomerate Adani has been questioned by the National Stock Exchange of India over claims that the State Bank of India has extended it a $US1 billion ($1.1 billion) credit line to fund its mega coal project in Queensland, according to the Sydney Morning Herald.

Adani Australia chief executive Jeyakumar Janakaraj said earlier this week that the funding from the Indian government-owned bank was a vote of faith in its huge $16.5 billion coalmine in Queensland's Galilee Basin.

CSG study finds elevated methane levels near gas fields

Methane levels near coal seam gas fields in Australia have been found to be as much as triple normal levels, raising renewed doubts about the global-warming benefits of using the gas compared with other energy sources, according to the Sydney Morning Herald.

The findings of elevated levels of methane and carbon dioxide from the Tara gas field near Condamine in Queensland were originally made public by researchers at the South Cross University two years ago, sparking an angry response from industry and government.

Orica blasts ANU stance

Orica chief executive Ian Smith said the Australian National University’s decision to blacklist seven resources companies from its $1.1 billion invest fund was “stupid” and “ill-informed”, according to the Australian Financial Review.

Orica is the world’s biggest supplier of mining explosives. Its customers are among those culled from the ANU fund due to the university’s stance against fossil fuels and some resources companies. Before joining Orica, Smith spent 35 years in the mining industry, including a stint as CEO of goldminer Newcrest, which is on the ANU ban list.

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