Adani gets all clear for $16.5b coal mine

INDIAN mining titan Adani has given the official go-ahead for its controversial $16.5 billion Carmichael coal mine in central Queensland.

After seven years of state and federal assessments and legal challenges by conservation groups, the board of the Adani last night approved the “financial investment decision’’ on the project.

Pre-construction will begin in September, with more than $70 million in work to clear land, build roads and set up a workers camp.

Construction of the mine will begin next year.

The Carmichael mine is the biggest proposed coal mine in Australia.

Forecast to produce up to 60 million tonnes a year, it is hoped to be the first mine to open up the burgeoning coal province, the Galilee Basin.

Billionaire Adani chairman Gautam Adani said it was a “historic day’’ for Indian investment in Australia.

“This is the largest single investment by an Indian corporation in Australia,’’ he said.

“We have been challenged by activists in the courts, in inner-city streets, and even outside banks that have not even been approached to finance the project.”

Queensland Premier An- nastacia Palaszczuk opened Adani’s regional headquarters in Townsville.

Her state cabinet has approved a royalties package to allow Adani to pay a flat $5 million a year in the first five years before it has to pay full royalties.

The deferred royalties has to be eventually paid back, with interest.

Adani announced contracts totalling more than $150 million for railway tracks and has also applied for a concessional loan of up to $1 billion.