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Adani eyes more coal assets amid Carmichael project struggles

Adani Enterprises Ltd. is targeting mine acquisitions outside of Australia even as it struggles to develop its Carmichael coal mine in Queensland, Reuters reported Feb. 14.

The Indian company has been unable to gain funding for Carmichael amid opposition from environmental groups. Recently, an Australian minister said Adani would not receive federal funding for a rail link to its controversial coal mine.

Rajendra Singh, COO of Adani's coal trading business, said the group already owns a mine in Indonesia and it is seeking more options there.

"We're also keeping our eyes open for options in other areas like south African countries, countries like Russia. We are not eyeing for specific grades, we are looking for viable options. We mainly look at reserves, production costs and logistics," he added.

The executive said there was an "opportunity in the U.S." but did not clarify whether any deal was in the works.

Adani recently began trading coal in Sri Lanka and Bangladesh in addition to its operations in Thailand, Taiwan, Vietnam and China.

"Asian countries are going to add a lot of demand in the coal market, especially South Asian countries like Bangladesh and Pakistan," Singh said.