Slow development of Aus coal mines due to low commodity prices

The Australian government today said the slow pace of work in developing coal mines owned by Adanis and GVK in Australia is due to low commodity prices.
Australia needs foreign investments and it is an investor-friendly country, said Steven Ciobo, Parliamentary Secretary to Minister for Foreign Affairs and Trade and Investment.
"That is the reflection of the commodity crisis. The commodity cycles have bigger impact than anything else... I will stress again that the mines story (of both GVK and Adani) is actually to do with commodity process.
"The fact is that two years ago commodity prices were very different from what they are today. That's the real story what happened there," Ciobo said when asked about latest reported developments with regard to coal projects being developed by Adanis and GVK in Queensland.

Adani last week reportedly advised four major engineering contractors to stop work on projects around the Carmichael mine in Queensland, including a joint venture rail line and the expansion of Abbot Point port.
Adani and GVK's Hancock Coal are facing legal challenges from indigenous landholders and conservation groups.

Despite getting environmental clearances from the Federal Government of Australia, GVK could not move forward due to a variety of reasons.
Replying to a query on Australia's image as an investor friendly country, Ciobo said his country needs foreign investments for national growth.
"And we will continue to attract foreign investments and continue to pursue for foreign investments because we know that is in the national interest. It creates jobs, it creates prosperity. That is the story we want to share with India," he said.

The Australian politician said his government is committed to protection of Great Barrier Reef and would pump in huge amounts in protecting it.