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Commonwealth Bank confirms it will not finance Adani's Carmichael coal mine


Essential Metals & Mining Insights – February 2021


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Essential Metals & Mining Insights - January 2021

Commonwealth Bank confirms it will not finance Adani's Carmichael coal mine

A spokesperson for Commonwealth Bank of Australia, or CBA, has confirmed that Australia's largest lender is not one of the lenders for Adani Enterprises Ltd.'s proposed Carmichael coal mine in Queensland, The Sydney Morning Herald reported Aug. 11.

"Whilst in general we do not comment on specific clients, we can confirm that we are not amongst the banks who have been, or will be, asked to consider this financing," the spokesperson added.

The mine build was originally budgeted at A$16.5 billion, but Adani pared down the initial phase of the project in 2016 to reduce the funding requirement to A$4 billion.

A spokesman for Adani commented that the miner is well-advanced in discussions with international financial institutions regarding project financing.

"Adani has not and does not intend to approach CBA for project finance," he said, adding that the company "welcomes CBA's clarification and confirmation of their view."

Green groups believe the move will add pressure on the Australian federal government to run out loans of its own.

The Northern Australia Infrastructure Facility is considering an approximately A$1 billion loan to Adani for the rail part of the project. The Indian group applied for the loan in December 2016 and considers the federal loan "crucial" for the project.