It got nasty quickly when Greenpeace took out an ad in the Financial Times explaining the riskiness of mining projects on the Great Barrier Reef. Julie Macken on why investors need to know.
Last Friday financial analysts across India opened their copy of the Financial Times and saw a full-page advertisement asking if they were going to "sink your profits on the Great Barrier Reef". The ad was an investor alert suggesting the GVK/Gina Rinehart Alpha mine proposed for the Galilee Basin in Queensland may be a riskier investment option than they imagined.
It detailed the kind of risks that currently confronted the project, beginning with the fact that the project had become embroiled in a major public controversy. The ad explained to Indian investors how the clock had now been stopped on the environmental approval process for the project due to conflict between state and federal governments and that the project was seriously exposed to carbon and water related risks (both supply risks and impacts of the mine and rail line).
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New Matilda
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