Tuesday, June 6, 2017

Adani announces 'green light' for Carmichael mega coal mine

Indian billionaire Gautam Adani says Australia's biggest ever coal mine is going ahead after his company announced a "final investment decision" on the Carmichael project.  

The Adani mine would be one of the world's largest. 
But environmental groups immediately branded Tuesday's announcement a "con" because Adani has not secured the finance to reach financial close, the major hurdle to construction of the $16.5 billion project.

One of the mine contractors in the Adani statement, Downer EDI, appeared to pour cold water on the announcement, saying it had received an "updated letter of award" to an agreement struck in 2014 and no binding deal had been signed.

Downer noted in its update to the Australian Stock Exchange that Adani had simply provided "further clarification on the scope of work to be performed and the process for negotiating a binding mining services contract”.

Read Heath Aston’s story in today’s Melbourne Age - “Adani announces 'green light' for Carmichael mega coal mine.”

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