Adani losses prompt mining company to shift away from imported coal


Adani losses prompt mining company to shift away from imported coal

Adani’s coal-fired power business has reported more heavy losses, prompting the Indian conglomerate to announce it would shift away from using expensive imported coal.

Analysts say the fourth-quarter financial results for Adani Power, a subsidiary of the Adani group, showed the proposed Carmichael mega-mine in Queensland was no longer a viable proposition.

Remarkably in the context of the Carmichael project, the billionaire Adani Groupboss, Gautam Adani, acknowledged in a statement that the cost of importing coal to India had contributed to Adani Power’s struggles. Read More…

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