Industrial & Commercial Bank of China, or ICBC, said it does not intend to fund Adani Enterprises Ltd.'s controversial Carmichael coal mine in Queensland, Australia, ABC reported Dec. 4.
"ICBC has not been, and does not intend to be, engaged in arranging financing for this project," the bank said in a statement.
Earlier, China Construction Bank also rejected financing links with the miner, saying it was not considering involvement with the project.
Adani was said to be in talks with China Machinery Engineering Corp. to secure financing for Carmichael. China Machinery reportedly planned to fund the project with the help of China Export Import Bank or China Construction Bank.
Major global banks, including Australian banks, have been hesitant in providing funding for the Queensland mine on concerns regarding its financial viability and the push towards renewable energy sources.
The company has been seeking a A$900 million loan from the Northern Australia Infrastructure Facility for the coal mine, rail and port project. The company also flagged the possible sale of a minority stake in the project to raise funds.
