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Lend Lease pull out of Abbot Point shows project an economic white elephant

Lend Lease’s withdrawal from the Abbot Point coal port in the Great Barrier Reef is a win for the community and raises doubts over the project’s economic viability, say the Australian Greens.

“Companies are bailing on Abbot Point thick and fast,” Senator Larissa Waters, Australian Greens environment spokesperson, said.

“Lend Lease is just the latest, with BHP and Rio Tinto also getting out recently.

“With the coal price dropping and China opting for renewable energy instead, coal ports and coal mines are becoming as toxic to investors as they are to the Reef itself.  

“And with so many Australians loudly voicing their passionate opposition to the Abbot Point coal port, it would be clear to any company that the project would severely harm their reputation.

“If only the Abbott Government would listen to the community’s outrage and wake up to the economic reality, instead of blocking their ears and pushing ahead to please the big mining companies,” Senator Waters said.

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