He also told Press Trust of India that Adani Mining had inked sales contracts for up to 70% of the project’s planned output.

The Indian press agency said development was now awaiting the key issues of “loan clearance”, or financing, and for “dredging approval” in relation to its Abbot Point plans.

The Carmichael thermal coal project will involve the development of six open pits and five underground mines over 60 years, with the first surface operation planned for 2016 with a production rate of 5.5 million tonnes per annum.

The project includes a 388km rail development to link the open cut and underground project to Adani’s Abbot Point coal terminal 25km north of Bowen on the coast, which needs to be expanded to reach full ramp up plans of 60Mtpa.

Initial longwall production from the first underground mine is expected to reach 2.5Mtpa run-of-mine in 2018.

The broader Adani Group conglomerate is India’s leading coal importer and owns the biggest privately owned port in the country.