China will finance Adani mine, insiders say, but it will cost Australian jobs

The Adani Group is close to securing finance for its controversial coal mine and railway project in outback Queensland, with an announcement expected in coming weeks that Chinese state-owned enterprises, banks, and export credit agencies are backing the venture.

China's money could mean Adani no longer
needs a loan from the Australian Government.

Australian taxpayers may be let off the hook under the deal, which could mean Adani no longer requires an Australian Government-subsidised loan of up to $1 billion for the railway it needs to transport the coal to port.

But China's money will come at the cost of local jobs.

Chinese enterprises and export credit agencies invariably require that materials for key infrastructure are sourced from China, effectively shifting work out of Australia and undermining Adani's claims its project will create many thousands of additional jobs for Queensland.

Read the story by Stephen Long on ABC News - “China will finance Adani mine, insiders say, but it will cost Australian jobs.”