Adani’s Australia coal mine project gets final approval

Adani Enterprises Ltd (AEL), a part of the Adani group, on Tuesday said it will proceed with its $16.5-billion Carmichael mine and rail projects in Central Queensland, Australia, after the company’s board approved a final investment decision on the development.

“I am proud to announce the official start of one of the largest single infrastructure and job creating developments in Australia’s recent history,” Gautam Adani, chairman of Adani group, said in a statement on Tuesday, calling it a historic day for Queensland and for Indian investment in Australia.

“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,” chairman Adani said in a stock exchange filing in India where AEL is listed. “We are still facing activists. But we are committed to this project,” he added.

The company said that it has signed contracts for design, construction, operations, supply of materials and professional services. This includes a $2.6-billion contract to Downer Mining for the construction and operation of the Carmichael mine.

The company has announced in the past few weeks contracts totalling more than $150 million for railway tracks and concrete sleepers for the planned 388-km standard gauge rail link between the mine and Abbot Point port terminal project.

Queensland Premier, Annastacia Palaszczuk, on Tuesday officially opened Adani’s Regional Headquarters in Townsville from where the company will oversee the operations of the project.

Adani has already invested $3.3 billion in the project.