Adani to study new loan scheme

GALILEE Basin coal player Adani Mining has no immediate plans to apply for finance under a new federal government loan scheme to provide up to $A5 billion for Northern Australian infrastructure projects.
Adani to study new loan scheme Adani to study new loan scheme Adani to study new loan scheme Adani to study new loan scheme Adani to study new loan scheme

Image courtesy of Adani.

Blair Price

While some green groups quickly assumed this federal budget loan scheme had targeted Adani, ICN understands the company first heard about it from these activist groups.

“[It’s] fair to say we weren't consulted beforehand,” a spokesman said.

“We'll study the detail like anyone else.”

Adani’s $16.5 billion, 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.

topics

loader