Infrastructure

Adani Group to fully fund troubled Carmichael coal mine

Updated : November 29, 2018 11:12 AM IST

The mine has faced years of delays amid opposition from environmental groups, who argue it will contribute to global warming. Some banks have ruled out taking any role in funding the project.

The mine is located in the remote Galilee Basin in the central outback that some analysts believe has the potential to become Australia's largest coal-producing region.

Adani Enterprises will fully fund its controversial Carmichael coal mine and rail project in Australia, Adani Mining chief executive Lucas Dow said on Thursday, according to a statement from the group.

The mine has faced years of delays amid opposition from environmental groups, who argue it will contribute to global warming. Some banks have ruled out taking any role in funding the project.

"The project stacks up both environmentally and financially," said Dow, addressing community leaders, mining industry contractors and suppliers at a mining club luncheon in Queensland. Construction and operation of the mine will now begin, he said.

The company statement said the funding decision follows recent changes to simplify construction and reduce the initial capital requirements for the project. The mine is located in the remote Galilee Basin in the central outback that some analysts believe has the potential to become Australia's largest coal-producing region.

All coal produced in the initial ramp-up phase of the mine will be consumed for its own requirements, said Adani. The miner had earlier aimed to start shipping coal from the Carmichael mine by March 2020.

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

Adani Group to fully fund troubled Carmichael coal mine

You May Also Like

TVS Motor unveils its first electric two-wheeler with 75 km range; price starts at Rs 1.15 lakh

Have a plan to add 1,000-1,200 beds over next 3-4 years, says Ashutosh Raghuvanshi of Fortis Healthcare

Closing Bell: Sensex, Nifty end 1% lower on Coronavirus fears; metal, bank stocks drag

Trending on CNBC-TV18

recommended for you