Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Adani blames contract suspensions at Australia coal project on gov't delays

Published 22/07/2015, 04:06 pm
Adani blames contract suspensions at Australia coal project on gov't delays
ADEL
-
PKX
-

SYDNEY, July 22 (Reuters) - India's Adani Mining ADEL.NS said its latest move to suspend work on its Carmichael coal mine project in Australia was due to delays in government approvals to proceed.

"The preliminary works contracts were previously sustained due to the level of investment Adani had maintained for more than 12 months in anticipation of a range of government decisions and approvals timeframes," Adani said in a statement emailed to Reuters.

Parsons Brinckerhoff and Korea's POSCO Engineering & Construction Co Ltd 005490.KS , which is also touted as an investor in the final project, were told late last week to stop work on the Carmichael mine, the Sydney Morning Herald reported earlier.

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.