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Adani’s Carmichael project advances again

Indian conglomerate Adani has – once again – declared that major work on its Carmichael thermal coal mine and rail project in Queensland’s Galilee Basin is “imminent”.

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Adani’s Carmichael project advances again

Adani said it has scaled back its plans from the original A$16.3B, 60 Mtpa, dedicated 388 km rail line to Abbot Point proposal to one of A$2B, 15 Mtpa and a rail connection to the existing state system. Production is now scheduled to begin by the end of 2020, with all coal destined for Adani’s own power stations in India.

 

After failing to secure finance from more than 30 domestic and international banks and lenders, Adani said it will fund Carmichael itself.

 

As previously reported, opposition to the Adani Carmichael project, mostly on environmental grounds, has spread to the urban populations of Sydney, Melbourne and elsewhere, generating regular public protests.

 

It has also been revealed that two independent bodies – CSIRO and Geoscience Australia – commissioned by the federal Department of Environment and Energy to review Carmichael’s impact on ecosystems, have found some of the company’s studies lack detail and contain unverified data.

 

Many commentators believe Adani is anxious to lock in contracts ahead of a likely change of federal government in May next year. While the Labor Party may end up opposing Carmichael outright, it will be reluctant to venture into sovereign risk territory to rescind commercial agreements.

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