Adani forced to make writedowns on Carmichael

DELAYS and legal challenges to Adani’s proposed $16.5 billion Carmichael project in Queensland have led to the Indian parent company writing down 896.4 million rupees or US$13.3 million on its accounts.

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Adani forced to make writedowns on Carmichael Adani forced to make writedowns on Carmichael Adani forced to make writedowns on Carmichael Adani forced to make writedowns on Carmichael Adani forced to make writedowns on Carmichael
Adani Enterprises said in a Mumbai stock exchange filing that its Australian Adani Mining subsidiary had booked the impairment charge in the March quarter.
 
The writedowns stem from Adani being forced to duplicate studies and redesign elements of the Carmichael project due to delays in regulatory approvals and ongoing legal challenges, an Australian Adani spokesman told Bloomberg.
 
Additional labor costs have also contributed to the charge, he reportedly said.
 
The company has pushed back by one year its original 2020 target to start the Carmichael mine complex due to failure of finding about A$3 billion by the March deadline.