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Adani's A$900M Carmichael loan request hangs on Queensland elections


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Adani's A$900M Carmichael loan request hangs on Queensland elections

The approval or rejection of Adani Enterprises Ltd.'s request for a A$900 million loan to build a rail link for its Carmichael coal project in Queensland, Australia, is dependent on results of the state elections on Nov. 25, Bloomberg News reported Nov. 21.

The Labor government declared that it will reject the loan requested under the Northern Australia Infrastructure Facility, while the Liberal National Party is in favor of the loan saying that it will create new jobs and benefit the state economically.

According to opinion polls the difference in support for the two parties is too narrow to pick a winner, but the Carmichael mine can affect a lot of votes, the report said.

Opponents of Carmichael, some of which ambushed Adani during the recent International Mining and Resources Conference in Melbourne, are concerned that the shipping of coal from the mine will damage the Great Barrier Reef and contribute to climate change.

Following the scuffle, general manager for corporate affairs and business development at Adani Australia, Muthuraj Guruswamy, said he will not react to the protest.

"Like I said the work has started so it's not going anywhere," Guruswamy said. "It's going in the right direction where thousands of people will be entering into jobs."

Queensland Premier Annastacia Palaszczuk said she will veto the loan application and said the Indian company has previously said it does not need the NAIF loan to make its project liable.