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Adani green-lights US$16.5B Carmichael coal project

The board of Adani Enterprises Ltd. has given the go-ahead to commence the development of its US$16.5 billion Carmichael coal mine in Queensland, Australia, The Australian Financial Review reported June 6, citing a statement by Chairman Gautum Adani.

"I am proud to announce the project has final investment approval which marks the official start of one of the largest single infrastructure — and job-creating — developments in Australia's recent history," Adani said.

The company signed development deals with Downer Mining for the mine development and rail construction with engineering firm Aecom, as part of a first-phase program costing US$5 billion.

Without citing sources, the report said Adani has yet to lock in financing for the entire project, and that the company still needs to raise another US$2.5 billion.

The mine will have an initial capacity of 20 million tonnes per year, which may be expanded up to 60 million tonnes per year and is projected to create 10,000 direct and indirect jobs.

The project had faced seven years of delays after being set back by court cases launched by activists and delays in receiving state and federal permits.

Adani previously delayed its investment decision for the Carmichael mine after the Queensland state government failed to clarify the terms for royalty payments.