🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Adani wins state approval for Australian coal project

Published 03/04/2016, 01:09 pm
Updated 03/04/2016, 01:10 pm
Adani wins state approval for Australian coal project
ADEL
-

SYDNEY, April 3 (Reuters) - India's Adani Enterprises Ltd ADEL.NS was on Sunday granted approval by Australia's Queensland state government to proceed with a proposed A$10 billion ($7.7 billion) project in the Galilee Basin.

Queensland Premier Annastascia Palaszczuk said in a statement that the approvals gave Adani permission to mine coal reserves estimated at 11 billion tonnes and to build haul roads, workshops, power lines and pipelines associated with the mine.

"Some approvals are still required before construction can start, and ultimately committing to the project will be a decision for Adani," Palaszczuk said.

Adani could not immediately be reached for comment.

Environmentalists are still fighting Adani's project on numerous fronts and lobbying banks not to provide loans. They cite potential damage from port dredging, shipping and climate change stoked by coal from the mine.

Analysts say even with approvals in hand, Adani will find it tough to raise financing for the project amid a prolonged downturn in the coal market.

($1 = 1.3043 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.