BNYMC refuses to continuing financing Adani's Bravus

BNYMC will NOT finance Adani’s Carmichael coal operations

In Light of the in-vogue climate espousal heroes strutting the world stage in style, the Bank of New York Mellon Corp (BNYMC) has taken a decision which will irk Gautam Adani quite a bit.

The media reports say the BNYMC has pulled out of providing financial services to Adani Group and its Carmichael coal mine in Queensland.

The reason given is that the venture is incompatible with its environmental, social and governance rules.

The question is – when was it?

And

What has changedyour environmental, social and governance rules? or

The Adani Carmichael Coalmine business?

Welcome to the Brave New World of the Climate Science, whether you believe it or not, you will pay the price.

BNYMC is the latest global financial institution to distance itself from the project after a campaign by local indigenous people.

In a statement, BNYMC said it had reviewed its relationship with the Adani Group and “has decided to resign from all legacy transactions with Adani in Australia and will not pursue additional transactions with Adani in Australia”.

“BNY Mellon has determined this business is not aligned without ESG (environmental, social and governance) principles,” it said.

Adani Group, which rebranded its Australian mining business as Bravus Mining & Resources (Bravus), is targeting the first shipment from Carmichael by year-end and inviting Queenslander to join in to earn well in a coalmining career.

Bravus CEO David Boshoff said as the Carmichael Mine moves closer to exporting first coal, we’re providing opportunities for new-to-industry recruits who want to get their foot in the door.

“Through our mining services contractor MacKellar, we’re offering a paid, structured training program for regional Queenslanders wanting to give coal mining a crack,” Mr Boshoff said.

“So whether you are a hairdresser or a hospitality worker and you’ve always dreamed of getting behind the wheel of a beautiful big yellow Caterpillar haul truck, then this is your chance!” Boshoff added.

Bravus has opted to self-fund the project after failing to secure external financing.

Boshoff said the Bravus is on track to export first coal in 2021. The operation is expected to produce about 10 million tonnes of coal a year.

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