Various site and other preparatory works have begun for Adani’s integrated coal mine, rail and port project in Queensland’s Galilee Basin. However, by early December, the Indian conglomerate had still not secured project finance.
The multi-billion dollar project has suffered a number of recent setbacks, with China’s top three banks joining a host of other financial institutions in Australia and worldwide in rejecting Adani’s applications for funding.
And on the cusp of a state election, the Queensland Labor Government – which was re-elected in December – declined to endorse a Federal Government thrust to provide a A$1B loan, through the Northern Australian Infrastructure Fund, for the rail component of Carmichael.
Reports said the heavily indebted Adani Group has already been forced to scale back the expected coal production from 60 Mtpa to 25 Mtpa, with exports likely to be directed to Pakistan and Bangladesh.
Opposition to the Adani project continues to rise, Australia-wide, although it still has support in communities that will benefit. In early December, a number of protesters were arrested after taking part in a blockade of the Carmichael mine rail construction site at Belyando, 270 km east of Bowen.