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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