Downer Carmichael coal jobs announcement attracts complaint

Downer EDI has come under fire for overstating the number of jobs which will be created by the Carmichael coal project.

A complaint was lodged with the ASX earlier this week which stated Downer had made an announcement about their partnership with Adani, which contained misleading information about the project in the form of “significantly misleading figures”.

The complaint was brought by environmental financed group Market Forces, SMH reported.

Market Forces lead campaigner Julien Vincent said the announcement had influenced trading by an increase of 7 per cent.

“We note this is the largest price increase in the Downer share price in the last six months,” he said.

"There's clearly been an over-inflation of the worth, value and scale of the project and we're concerned.”

The figures touted by Adani and Downer EDI of 10,000 jo0bs to be created and $22 billion in taxes and royalties have been requoted by many sources, including the Queensland Resources Council.

QRC chief Michael Roche said last year that the rail project which will connect Carmichael to the Abbott Point shipping terminal “could provide up to 2400 new jobs”.

However, evidence given by Adani’s witness Dr Jerome Fahrer in the recent Land Court of Queensland challenge showed the project would generate 1464 full-time jobs and up to $8 billion in royalties.

An Adani spokesperson said these figures did not “envisage the combined tax and royalty, direct and indirect, construction and operational job benefits of Adani’s mine, rail and port projects.

Adani’s April 10 appearance at the Senate Inquiry into Corporate Tax Avoidance revealed the level of capital investment in the Carmichael project would preclude Adani from paying any tax on their profits for a significant amount of time.

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