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Adani ‘close’ to financing Qld mine rail line

Karan Adani. Photo Studycopter

BRISBANE, AAP – Adani is close to locking in the finance for a rail line to service its $16.5 billion proposed Queensland coal mine, the son of the company’s owner says.

Karan Adani, who is the CEO of the Indian group’s ports business, made the revelation during a video interview with The Economic Times of India.

‘We have completed the financing of the mine, the port is already operational. Now we are just closing on the financing on the rail part,’ he said on Tuesday.

‘So once that is done we will start.’

Mr Adani stressed the company had all of the necessary government and environmental approvals related to the Carmichael coal mine in the Galilee Basin in central Queensland.

The rail financing for the project was ‘almost $US1 billion’, he said.

The rail line is needed to move coal from the mine to Abbot Point port, which is being expanded.

There had been questions over the rail financing after Queensland Premier Annastacia Palaszczuk last year vetoed a $1 billion federal government loan to Adani for the project.

Previously, Australia’s big four banks refused to put up money for the mine, forcing the company to look for funding overseas.

The state Labor government has imposed more than 240 conditions on the Carmichael coal mine project, 132 of which relate to water conditions.

A month ago, the government also insisted Adani find the source of local groundwater before it signs off on the water management plan for the mine.


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