Jul 18, 2018

Adani closing rail finance for Carmichael coal project

Adani closing rail finance for Carmichael coal project

Adani is in the midst of closing the finance deal for the $1 billion rail project needed to bring its Carmichael coal project online, according to a top executive and son of Gautam Adani.

Adani Ports and Special Economic Zones chief executive officer Karan Adani discussed progress on the $16.5 billion Carmichael project in central Queensland during an interview on Indian television yesterday.

“We have completed the financing on the mine. Our port is already operational. Now we are just closing the financing of the rail part. Once that is all done we will start,” he said.

Queensland Premier Annastacia Palaszczuk last year vetoed a possible $1 billion loan from the $5 billion Northern Australia Infrastructure Facility for the rail project.

In a media statement today Adani Australia said it was continuing to work to secure finance for the Carmichael coal project and that this was progressing well.

“Finance for the mine is contingent on securing finance for the rail component of the project as both are interdependent,” it said.

The Carmichael Project has received more than 112 project approvals and also been successful in nine court challenges to date.

The company said it was continuing to work through secondary approvals, in line with project conditions.

See the full ET Now interview with Karan Adani here: https://economictimes.indiatimes.com/news/company/corporate-trends/karan-adani-exclusive-the-adani-group-has-never-defaulted-on-a-single-loan/videoshow/65021293.cms

His discussion of the group’s Australian activities starts around the 10.40-minute mark.

 

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