Adani says Carmichael mine will help fuel a rapidly expanding overseas coal markets
Indian power and energy conglomerate Adani, who proposes to build Australia’s biggest ever coal mine in the Galilee Basin has been battering down the hatches to defend its Carmichael mine development.
A tough week for Adani executives
It’s been a tough week for Adani executives as the battle with the Queensland judicial system and challenged by conservationists in the Land Court of Queensland who propose to block the development of the mine.
With increasing sentiment fueled by the media, Adani forges ahead in spite of yet another new report that labels the proposed $16.5 billion Carmichael thermal coal mine as financially unviable.
Tim Buckley, from the Institute for Energy Economics and Financial Analysis (IEEFA) released a report that focussed on Adani’s corporate restructure, leading to a view that this would greatly impact on the Carmichael mine development proposal.
The changes include a demerger of Adani Ports and Adani Power which would improve the transparency and free float of three of the listed entities, Mr Buckley said.
Adani to strengthen its focus on the developing resources business
An Adani spokesman said the pending restructure would effectively join together Adani’s domestic (Indian) mining business with Adani Enterprises, and in the process strengthen its focus on the developing resources business.
“In effect, the restructure will make Adani Enterprises a large resource company with a focus on its mining operations in multiple markets,” the spokesman said.
“There is a continuity of focus on the important role Carmichael will play in delivering energy security in India from the proponents,” he said.
A spokesman for Adani made a point of rejecting a statement that a further $A3.6 billion was needed to get stage one of the project up and running.
10,000 direct and indirect mining jobs
Although Adani had been pounded of late, it is remaining steadfast in its commitment to create around 10,000 direct and indirect mining jobs and pay $A22 billion ($US17.24 billion) in taxes and royalties to Queensland over 30 years.
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