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Adani will not get federal rail funding for Carmichael, says Australian minister

Adani Enterprises Ltd. will not receive federal funding from the Northern Australia Infrastructure Facility for the construction of a rail link to the company's controversial Carmichael coal mine in Queensland, Reuters reported Feb. 4

Assistant Minister for Vocational Education and Skills Karen Andrews told Sky News in an interview that the NAIF funding for Carmichael will not proceed.

The news is a major blow for Adani, which was looking to secure a A$900 million concessional loan for rail to link Carmichael to port. This could spell the end of the project entirely if Adani cannot secure private finance.

Meanwhile, resource minister Matt Canavan's office confirmed there was no additional funding proposal apart from the NAIF loan application.

Adani has been seeking between A$2 billion and A$3 billion from lenders, including Chinese banks, for the first phase of development at Carmichael. The company is also planning as much as A$3 billion of equity financing for the project.