MEDIA RELEASE - 29 March 2016
Greens Mining and Agriculture Spokesperson, Jeremy Buckingham today called on Premier Mike Baird and Deputy Prime Minister Barnaby Joyce to actively negotiate an exit strategy for Shenhua to hand back their coal exploration licence over the Liverpool Plains, in light of Shenhua’s Announcement of Annual Results forecast for a continuing structural decline for coal and scaled back capital investment in overseas projects.
Shenhua’s Announcement of Annual Results forecasts:
“Global demand for coal is expected to manifest a downward trend in 2016 as impacted by the slackened global economy growth, structural adjustment of energy, slow energy consumption growth and climate change. The coal supply will be excessive, and prices of thermal coal will remain low.”
“Even the world’s biggest coal miner has recognised that there is no need for new coal and it’s up to Barnaby Joyce and Mike Baird to create certainty for the farmers of the Liverpool Plains by negotiating an exit for Shenhua,” said Greens MP Jeremy Buckingham.
“It’s economically and strategically foolish for the Coalition and Labor to fail to acknowledge that the future is renewable energy and sustainable agriculture, not giant coal mines in our food bowl.
“Barnaby Joyce has failed to use his significant power as Deputy Prime Minister and Agriculture and Water Minister. Unless he can negotiate a swift and fair exit for Shenhua and save the Liverpool Plains, the voters of New England should throw him out.
“It’s unacceptable for this coal mine proposal to hang over the Liverpool Plains, causing uncertainty and stress, and hindering investment in agriculture.”