Palmer questioned why the state government has “ignored Queensland companies and given taxpayer-funded support to Indian company Adani’s proposed coal mine and infrastructure project for the Galilee Basin”

Adani could not raise funds privately to take its Carmichael coal mine project forward and now the Queensland government was providing taxpayer funds resulting in exclusive benefits for Adani, he said.

“Queensland and Australian companies have been ignored while the Newman government desperately tries to rescue the untapped Galilee Basin coal region,” Palmer said.

“Adani has massive debt issues yet it is now being supported by Campbell Newman and Jeff Seeney. What grubby deal has been done that isn’t in the public domain?”

Adani Mining CEO Jeyakumar Janakaraj defended the project, saying it would deliver 10,000 jobs and $22 billion in taxes and royalties to Queensland in addition to helping Adani deliver cost-efficient power in the Indian market. He added that the project wasattracting interest from private and public financiers in India and abroad.

Adani and the State Bank of India, the country’s largest lender, yesterday signed a memorandum of understanding to help fund Carmichael.

The MOU and other agreements nearing their conclusion send a clear signal to the market that the company’s project is on track for first coal in 2017, Janakaraj said.

“While we have invested several billion dollars in our integrated mine, rail and port project to date, and are well-established on our course to build a long-term future with Queensland, any policy such as this that underpins confidence in infrastructure investments … is welcome,” he said.

“This announcement, coupled with Adani’s MOU with the State Bank of India for funding the development of Carmichael, reflects the confidence close observers of our project have in our fundamentals. We are bringing on board valued partners in different facets of this integrated project, ensuring we will meet our guidance of first coal in 2017.”

Palmer said Premier Campbell Newman had ignored Waratah Coal’s proposed $6.4 billion China First coal mine and infrastructure development in the Galilee Basin despite the fact it was under-written with $10 billion in funding by leading global financial services group Credit Suisse.

“Waratah Coal plans to build a thermal coal mine near Alpha, west of Emerald, which would be linked to the coal terminal at Abbot Point by a new 453km standard gauge, heavy haul railway line,” he said.

“But Campbell Newman has had no interest in the China First project with his government giving favourable treatment – and now taxpayer funding – to Adani ,” he said.

“Is this just a political stunt and pre-election spin? Why is the government selling off state assets like hospitals and schools and then giving a free ride to Adani?”