One of the world’s largest untapped coal reserves, estimated to contain 7.8 billion tonnes of black diamond, may finally be tapped and put to use. After serving as a lightning rod for debate on climate change and environmental protection in Australia for nearly a decade, Adani Group’s ambitious but controversy-hit proposal to develop and exploit the Carmichael mine in the country’s northeastern province of Queensland has crossed a major hurdle—the provincial government has ticked off on the last crucial environmental permit, ending nine years of delay.
The Adani Group had bought the coal tenement in 2010 from Australian company Linc Energy in a cash and royalty deal worth $2.7 billion, the largest single mine investment by an Indian firm in the continent-sized country. Read More
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