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
Latest posts by Business Times (see all)
- India Banks To Plan Resolving 1.4 Trillion Rupees Power Sector Debt - September 20, 2018
- Malaysia’s Petronas Buys 25% Stake In LNG Canada Project - May 31, 2018
- Prospects for India’s mega refinery project grow dimmer - May 18, 2018