Standard Chartered pulls out of Carmichael coal project
ANOTHER International bank has withdrawn its support for Adani's Carmichael coal mine project in the Galilee Basin.
London bank Standard Chartered revealed the decision late on Monday and Adani was quick to let the industry know the withdrawal was on their terms.
"The decision was made at the same time as the CBA decision, it was actually us that terminated it and not the other way around," a spokesperson for Adani Mining told Australian Mining.
The UK bank joins more than 12 other institutions including HSBC, Deutsche Bank, Citi and the Commonwealth Bank, which announced its plans to end its advisory role in the $16.5 billion dollar project last week.
Traditional land owners who have been lobbying against the mine have welcomed the announcement as a sign support for the project is waning.
Spokesperson for Wangan and Jagalingou traditional owners Adrian Burragubba said the bank was understood to be engaged in an advisory and financial role.
"The bank's decision brings this disastrous project one step closer to its demise," Mr Burragubba said.
"In a meeting in London in June, we informed Standard Chartered that we do not consent to the development of Carmichael on our sacred ancestral lands. We asked them to commit to not fund the project. We told them we will do whatever it takes to protect our lands and waters, and our rights."
In a further blow for Carmichael's prospects, the Federal Court of Australia last week overturned approval of the mine by Federal Environment Minister Greg Hunt, who will now need to review the approval.
The Wangan and Jagalingou are calling on the remaining three of Australia's big four banks - NAB, Westpac and ANZ - which have not ruled out funding, to confirm they will not support the Carmichael coal mine with finance.