Adani To Start Australian Coal Mine With Own Funds


Adani To Start Australian Coal Mine With Own Funds

India’s Adani Enterprises said on Monday it will start work in October on its Carmichael coal project in Australia using A$400 million (S$430.7 million) of its own funds, even as it looks to lock in financing for the controversial mine.

Adani, which has said previously it needed to borrow under A$2 billion to get the project off the ground, will target first shipments from March 2020 for the first stage of the project which has been trimmed back to a cost of A$4 billion.

Analysts have raised doubts about whether Adani can fund what would be Australia’s biggest coal mine given opposition from green groups and a global backlash to investment in fossil fuels, while Adani insists the project will proceed. “The critical path still involves financing the mine . Read More…

 

Credit By : Business Times

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