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Report: Adani taps funding adviser for Australian coal project

Adani Enterprises Ltd. hired Grant Samuel to advise on financing for its developing Carmichael coal operation in Queensland, Australia, Reuters reported Aug. 10, citing two unnamed sources.

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.

According to Adani spokesman Ron Watson, the company is seeking a loan of under A$2 billion to start the project, including A$900 million in loans being sought from Australia's Northern Territory Infrastructure Facility program.

Watson added that the company was already in talks with international financial institutions.

Many large banks including Deutsche Bank and Commonwealth Bank of Australia have declined to fund the proposed Carmichael mine, which has faced legal and environmental challenges.

Adani cleared a key hurdle for the project in July after the National Native Title Tribunal lifted a moratorium on the registration of new indigenous land use agreements.