US mining giant Peabody Energy has revealed the cynical truth behind their vocal anti-carbon tax posturing with yesterday’s announcement of it’s $5 billion takeover bid for Australian miner McArthur Coal.
CFMEU National President Tony Maher said Peabody was not worried about the state of the Australian industry, but rather was worried a successful introduction of a carbon tax in Australia could lead to its uptake in the US.
The US giant and world’s largest coal company has been actively engaged in the Opposition-led scare campaign to turn the Australian public against the price on carbon.
“From the Bowen Basin to the Hunter Valley and the Illawara, Tony Abbott has been squired around Peabody’s Australian’s Operations on his campaign to scare industry and workers into opposing a price on carbon.
“But the $5 billion bid for MacArthur Coal shows their real position, their supreme confidence in the ever growing Australian coal industry.
“The coal industry tells one story to the public with their scare campaign and another to the markets.
“Peabody’s biggest concern is not how a price on carbon will affect jobs and the industry in Australia, it’s the ramifications it will have on their operations in North America.
“For the first time the coal sector has had to pay it’s way, and it can afford to do so.
“They believe the successful inclusion of the coal sector in the price on carbon package is precedent setting. Yet it is clearly not effecting investment decisions in the Australian coal industry.
“Mining giants are not stupid, that’s why they are billion dollar companies. There will continue to be a huge investment in Australian mining with or without a carbon price, ” said Mr Maher.
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