In today’s talking points: China denies receiving application to fund controversial Adani mine; China appeals for further international cooperation to deal with steel overcapacity; Turbine industry could have government subsidies scrapped by 2022; Liquidators seek financial records from collapsed Queensland Nickel.
China denies receiving application to fund controversial Adani mine
China’s Australian embassy has stated that no funding applications have been made regarding the proposed Carmichael coal mine owned by the Adani Group, and that any bids made by state owned enterprise would require government approval. The statement follows a recent announcement by an Adani director that a finance deal had been secured with China. Commencement of the mine has been pushed back multiple times, following large public outcry, resulting in funding troubles. The future of the mine is now being called into question, with the possibility of an Australian government loan appearing to be fading.
Read more at: ABC
China appeals for further international cooperation to deal with steel overcapacity
Further international cooperation is needed to tackle the issue of steel overcapacity, China says. Speaking at a press conference following a ministerial meeting of Global Forum on Steel Excess Capacity in Berlin this week, Assistant Commerce Minister of China Li Chenggang said the problem was not unique to a particular country, but a “common challenge facing countries across the world”. Since last year, China has cut its excess capacity by over 100 million tonnes and relocated 201,000 steel workers. But, according to Xinhua, Li said China doesn’t want to be the only one making costly reductions, “while the rest of the world just watches,” and is calling for greater information sharing and cooperation between the member countries.
Read more at: Xinhua
Turbine industry could have government subsidies scrapped by 2022
Analysts say it would be practical to phase out Chinese government subsidies for wind turbine makers by 2022 because turbine costs should reduce further, while newer generation models should yield more. Joseph Jacobelli, a senior analyst of Asia utilities at Bloomberg Intelligence, said the wind power sector was expected to continue “its healthy development without government subsidy support”. Han Xiaoping, chief information officer of China Energy Net Consulting Co Ltd, also said: “…the price of wind-based electricity is already low…that would make it more competitive compared with electricity generated from other sources”. According to China Daily, the topic of scrapping subsidies has been discussed for a number of years.
Read more at: China Daily
Liquidators seek financial records from collapsed Queensland Nickel
Justice John Reeves of the Brisbane Federal Court has ordered that Queensland Nickel financial records be handed over by Wednesday after businessman Clive Palmer failed to meet the previously imposed November 30 deadline. The company, owned by Palmer, collapsed in April 2016 with debts totalling $300 million, leaving 800 former employees out of work. If delivery is not made, liquidators will be able to seize the relevant documents and Palmer may be personally liable for contempt of court. A number of the company’s transactions are being investigated, including a $US14.3 million transfer from Queensland Nickel to Palmer’s personal account.
Read more at: ABC