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Adani seeks up to A$3B from Chinese lenders for Carmichael development

Adani Enterprises Ltd. is seeking between A$2 billion and A$3 billion from lenders, including Chinese banks, for the first phase of development at the Carmichael coal mine and rail project in Queensland, Australia, Bloomberg News reported Dec. 22, citing a source.

The company is also planning as much as A$3 billion of equity financing for the project.

The company has been struggling to arrange financing for the controversial project, which faces opposition from environmental groups.

Goldman Sachs Group Inc. and the three largest Chinese banks — Industrial & Commercial Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp. — have already said they do not intend to engage in arranging funding for the project.

Adani has so far invested about A$3.3 billion across its existing projects in Queensland, a company spokesman said in an emailed response.

"We would not be investing our time, money and energy in this manner if our projects were not viable and if we were not serious about delivering our projects," the spokesperson added.

Adani did not respond to questions concerning the details on its funding plans for the project, the newswire added.

The Queensland government has said earlier that it would block federal attempts to fund the coal mine, rail and port project through the Northern Australia Infrastructure Facility, or NAIF. The company is seeking a A$900 million loan to build a rail link for its Carmichael project.

However, Adani remains determined to seek financing from Chinese lenders to help fund the development, the source added.