Adani’s Group Financial Controller, Rajesh Gupta gave damning testimony today revealing for the first time that the planned Carmichael coal mine will fail to generate the $22billion royalties jackpot that Adani has consistently claimed, with the true figure around $7.8billion.
Mr Gupta was giving evidence as part of a challenge to the mine in the Land Court of Queensland by community group Coast and Country.
Mr Gupta was asked to explain to the Court how the $22 billion figure will be achieved in light of contrary evidence provided by Adani’s own nominated expert and witness.
Adani have repeatedly publicly stated its mega-mine will bring equally huge financial rewards to Queensland in the form of royalties.
When pushed Adani’s Group Financial Controller was not able to answer simple question from the court. He was provided with figures, and at times covered his answer with ‘commercial in-confidence’.
Royalties are one of the key factors on which governments justify and overlook the massive environmental harm caused by mines such as Carmichael. In this case, this includes driving dangerous climate change, and potentially devastating the Great Barrier Reef, its $6billion tourism industry and its 53,000 jobs. It includes the permanent destruction of billions of litres of our groundwater, and of threatened species.