Siemens will develop a coal mine in Australia

Siemens, German engineering company, says it will fulfill deals on coal mine in Australia and will supply railway signalling equipment transportation of mined coal

Siemens won railway signalling equipment tender for Australian railway last year. The technology should mainly serve for coal transportation from mines to north part of Queensland. The deadline for Siemens to state final decision was 13th January. Siemens became target of Greta Thunberg, Swedish climate activist, who urged Siemens to reevaluate its part in the project.

“There is practically no legally and economically responsible way to unwind the contract, otherwise we would have to deal with significant consequences of such a step,” Joe Kaesar, Siemens CEO, explained reasons why Siemens complies with the contract.

Local and Federal Australian Government still agree with the project, what is important for Siemens. The project meets conditions of local Environment Protection and Biodiversity Conservation Act from 1999. Additionally, Siemens representatives claim that the project agrees with “documents evaluating its impact of environment“. The coal mining project is controversial in Australia, especially in the context of current massive bushfires.

author avatar
EditorialTeam
The Trader-Magazine.com EditorialTeam is a collective of certified financial analysts, active traders, and cryptocurrency experts. Our mission is to transform complex market data (forex, equities, indices) into accessible financial education. All content undergoes rigorous, multi-level fact-checking to ensure we deliver only accurate, objective information for your trading and investment decisions.

Top 10 financial instruments for 2022. What will their prospects be in 2023?

The year 2022 has brought countless surprises and obstacles...

Telegram scams: how they work and how to protect yourself

Telegram has become one of the most widely used...

Trump Saved TikTok from a Ban. The App in the U.S. Moves into American Hands

TikTok narrowly avoided a ban in the United States...

Climate Change Poses Major Risks to Financial Markets, Regulator Warns

WASHINGTON — A top financial regulator is opening a...

Golden Brokers Review

Golden Brokers Limited was founded in 2018, it is...

Siemens’ Quarterly Profit Beats Estimates as the Company Benefits from AI-Related Demand

German industrial conglomerate Siemens increased its profit from industrial...

Sell Stop Orders: How They Work, When They Trigger and Where They Fail

A sell stop order allows investors to automatically sell an asset...

German Authority Investigates PayPal Over Possible Restriction of Competition

The online payment system PayPal may be engaging in...

Airbnb Could Earn More From the Same Booking

Airbnb plans to bring car rentals and partner services directly into its platform. With AI customer support reducing overheads, the company aims to earn higher profits from existing customer bookings.

Over-the-Counter Markets: How OTC Trading Works Outside Centralized Exchanges

Over-the-counter (OTC) trading allows investors, financial institutions, and companies...

Maersk’s profits grew, but a return via Suez may squeeze margins [1]

Maersk posted an operating profit of USD 3.3 billion...

Shooting Star Candlestick: How to Read It Without Trading the Shape Alone

A shooting star candlestick can warn that an upward...
spot_img