Construction costs for the proposed Carmichael Rail Line is a loan, not a grant.
The loan is being considered as one of a number key infrastructure projects under the Northern Australia Infrastructure Plan.
A number of coal and agricultural investment projects would benefit from the rail line – not just Adani.
Federal Member for Capricornia today praised the infrastructure fund that will open up the Bowen Basin to investment in clean coal and agriculture.
Speaking from Canberra where she delivered a motion on High Efficiency, Low Emission Clean Coal-Fired power stations, Ms Landry said that the Carmichael Rail line will benefit a lot more than just Adani.
“There are over 30 mines in Capricornia currently classed as operational, proposed or under maintenance.
“Combined, the mines in current operation employ around 12,778 people. Every mine has a life span and undergoes significant rehabilitation at the end of its lifecycle.”
Ms Landry said that nearly all of the mines currently in operation have a lifecycle of between 13 to 18 years.
“It’s highly important that we support the development of infrastructure to open up investment opportunities in the Bowen Basin.
“If we don’t support the infrastructure that encourages new investment, these 12,000 plus jobs will disappear at the end of each mines’ lifecycle,” she said.
The Northern Australia Infrastructure Fund, which provides concessional finance, i.e. a loan, to finance this crucial investment would be utilised by a number of coal and agriculture operation.
“NAIF isn’t a giveaway to multi-national firms as reported by anti-development green lobby groups,” Ms Landry said.
“It is lending money to private investors who want to build critical infrastructure that supports jobs for the future.
“The proposed Carmichael Rail Line will open up the Bowen Basin providing critical infrastructure for six proposed coal mines in the Bowen Basin, as well as investment in agriculture.
In a motion to parliament, Ms Landry said that the world will continue to source coal whether or not the proposed coal projects in Capricornia go ahead or not.
“It just won’t be from sourced from Australian clean coal. This will cost our region jobs, and won’t help the environment in the long term,” she said.
“What do these keyboard warriors have against India and their investment dollars?
“Most of the coal mines operating in Capricornia have a high percentage of foreign ownership from a plethora of countries.
“I don’t think this bothers the real constituents of Capricornia, and neither does Indian ownership,” Ms Landry said.
The NAIF offers up to $5 billion over 5 years in concessional finance to encourage and complement private sector investment in infrastructure that benefits Northern Australia.
This may include developments in airports, communications, energy, ports, rail and water.
The Investment Mandate sets out the guidelines to the Board when making investment decisions. It includes consultation requirements and eligibility criteria, and the types of financial assistance that can be offered.