Published: Tue, June 06, 2017
Sport | By Gary Shelton

Adani gives final approval for $4 billion Australia coal mine project

Adani gives final approval for $4 billion Australia coal mine project

Indian billionaire Gautam Adani has given the "green light" to the Carmichael mine and rail project, but it will still hinge on its Australian arm, Adani Mining, gaining bank backing for the contentious venture.

Queensland premier Annastacia Palaszczuk said Australia's third biggest state had been hit by a global resources downturn and Adani's decision would help mining firms.

Mr Adani said "I am proud to announce the start of one of the largest single infrastructure- job ceating = developments in Australia's recent history".

However, one energy analyst said the huge project would drive down thermal coal prices if it was built, putting pressure on local rivals.

The Queensland government is keenly aware what is being proposed so far by Adani is not a "megamine", as Treasurer Curtis Pitt noted last week.

"The event was held in Townsville at the new Adani regional headquarters and there's no doubt that everyone in the room was invigorated, but also relieved".

"Now the time for waiting is over and the time for doing is beginning".

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"They will get that money externally now", said Lennox. Earlier, some major banks like Germany's Deutsch Bank and Commonwealth Bank of Australia had refused to participate in the controversial coal project.

Greenpeace Australia called it "toxic" and a "disaster for the climate", while WWF-Australia chief Dermot O'Gorman warned of a risk to the reef.

Executive director Julien Vincent said Adani was yet to raise a cent of the billions needed to capitalise the project. The company, which has already invested around $3.3 billion in the project and has signed contracts for design, construction, operations, supply of materials and professional services.

The company has requested a loan of around 672 million dollars to Northern Australia Infrastructure Facility.

Palaszczuk is opening up areas like the Galilee Basin through the royalty arrangement.

The mine, which could operate for about 90 years, will produce 60 million tonnes of coal to be exported from the Abbot Point port terminals, located near the Great Barrier Reef. While some may be looking for ways to leave regional Queensland, Adani is looking to the future, he said.

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