India’s Adani looking for coal mines in SA
INDIAN resources conglomerate Adani Enterprises is looking to buy mines in locations such as Indonesia and southern Africa, a company executive said yesterday.
The company already owns a coal mine in Indonesia, but has been unable to secure financing for the longdelayed Carmichael mine in Australia amid numerous court challenges from environmental groups concerned about climate change and potential damage to the Great Barrier Reef.
“We have a mine in Indonesia and we are looking for more options there,” Rajendra Singh, chief operating officer of Adani’s coal trading business said.
“We’re keeping our eyes open for options in other areas like southern Africa countries and Russia. We mainly look at reserves, production costs and logistics.”
He said there was “opportunity in the US” as well given that India imports coal from there.
Adani is also India’s biggest trader of coal with volumes of 81 million tons in the fiscal year that ended on March 31, sourced mainly from Indonesia and Africa. India, the world’s second biggest coal importer after China. – Reuters