Adani to finalise Australia coal investment plan
Mar 20, 2017-
Adani Enterprises said it would finalise an investment decision by June for its Carmichael coal project in the northern Australian state of Queensland, which has been delayed due to protests from environmental groups.
For more than five years, Adani has battled opposition from green groups who fear the project will produce so much coal for export to India that it will require a mega-port expansion into the Great Barrier Reef World Heritage Area.
While Adani, a business group with interests in power and ports, has said the project would not threaten the reef and has secured most major state and federal government approvals, it still faces several court challenges.
Raising funds has also been tough given the sensitivities of lending to a controversial project.
However, the group’s chairman, Gautam Adani, expressed optimism the project would proceed and said the board would take a final decision on investments in May or June, including structure and planned funding.
He was speaking during an interaction with a group of reporters in Mumbai and was accompanied by Queensland premier Anastasia Palaszczuk who was in the country to visit Adani’s port and solar facilities.
“Definitely,” Adani said, when asked if he was confident the project would go ahead. “Our internal planning is 2020 ...(for) first coal to come out,” Adani added, noting construction could begin within three months of the board’s decision.
Palaszczuk said the Carmichael project had the full support of her government and that she did not see any obstacles in Adani securing final approval from Australia.
Analysts have raised doubts about whether Adani can fund what would be Australia’s biggest coal mine given the opposition from green groups and a slump in coal prices.
Published: 20-03-2017 10:17