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Adani finance deal imminent: report

The Stop Adani rally at Byron Bay's Main Beach made a clear point. Photo Orion Sturch

The Stop Adani rally at Byron Bay’s Main Beach made a clear point. Photo Orion Sturch

The Adani Group is reportedly close to announcing it has the money to build its controversial Queensland coal mine and rail link, but there are concerns the involvement of Chinese cash could cost Australia jobs.

An unnamed director of Adani Mining has told industry figures that the company had secured Chinese funding for the Carmichael mine and associated rail line, the ABC says.

He reportedly said Adani wouldn’t need a loan of up to $1 billion from the taxpayer-funded Northern Australian Infrastructure Facility for the rail line.

A formal announcement about the financing deal is imminent.

But the ABC reports that reliance on funds from Chinese enterprises and export credit agencies could cost Australia jobs associated with the project.

Such Chinese interests invariably require that materials for key infrastructure are sourced from China and that effective shifts work out of Australia, the ABC said.


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