Adani Mining to develop massive coal mine Australia

November 17, 2014

Adani Mining has signed a deal for $1 billion credit facility to help develop the Carmichael mine in central Queensland, the Courier Mail reported.

“The MOU with SBI is a significant milestone in the development of our Carmichael mine. It is a unique asset that lies at the heart of our investment in Queensland and Australia, and aligns perfectly with our clear vision for delivering energy security in the Indian market,” Adani Group Chairman and Founder, Gautam Adani said.

Adani Mining chief executive Jeyakumar Janakaraj said the MOU and other agreements nearing their conclusion send a clear signal to the market that the company’s project is on track for first coal in 2017.

“This project, which is evincing interest from private and public financiers in India and abroad, will deliver 10,000 jobs and $22 billion in taxes and royalties to Queensland in addition to helping Adani deliver cost-efficient power in the Indian market,’’ he said.

The mine, which holds a certified resource in excess of 11 Gt (12 billion st) of thermal coal, is the centerpiece of Adani’s integrated mine, rail and port project in Queensland, and a key plank of the company’s value chain going forward.

The state Government has also signed on to invest in the rail project to help get Adani’s coal to port.

“This is simply about the 27,000 jobs that will be created by the Galilee Basin; it is about investing in the infrastructure that will enable those jobs to be available for Queenslanders for decades to come,” State Development, Infrastructure and Planning Minister Jeff Seeney said.

He would not reveal how much taxpayers would chip in, but said the investment would likely be funded via an $8.6 billion infrastructure investment pool to be set aside after the government completes its planned asset privatizations.

He estimated it would be in the hundreds of millions.


Related article search: