Adani Insists, Against Mounting Odds, That It Will Proceed Soon on Australian Coal-Train Project

first_imgAdani Insists, Against Mounting Odds, That It Will Proceed Soon on Australian Coal-Train Project FacebookTwitterLinkedInEmailPrint分享The Guardian:The Adani Group has said it will “break ground within days” on the rail link for its Carmichael coalmine and has claimed daily progress on a project for which it still needs to secure about $5bn in finance.The Adani Mining chief executive, Jeyakumar Janakaraj, said in a statement on Friday the company remained “confident and committed” to delivering its first coal shipment in March 2020.Janakaraj said pre-construction works on the Galilee basin mine site and the 388km rail corridor to its Abbot Point port were “well advanced”.“Every day we are moving forward. Milestones are being achieved every day,” he said.“We will break ground within days to mark the official start of work on the rail link.”Adani’s announcement on Friday coincided with the release of another poll showing a significant majority of Australians were opposed to the mine.Roy Morgan’s survey of 1,547 people last weekend found 77% of those who had heard of the mine thought it should not go ahead.This included a majority of voters of all political stripes who were against the mine, including 55.5% of National party supporters. Almost a quarter of people surveyed hadn’t heard of Adani.Adani is yet to secure a federal government concessional loan of up to $900m for the rail line through the Northern Australia Infrastructure Facility.Its most recent deadline for financial closure on the mine and rail project is still months away, and the Indian energy group is looking overseas to secure finance by March.1Adani also has to refinance $1.48bn of borrowings on the Abbot Point port by November 2018 and a cumulative debt of $2.11bn – more than the port is worth – by 2020.A recent report by the Institute for Energy Economics and Financial Analysis (IEEFA) said a looming shortfall in coal throughput at Abbot Point meant the prospect of the Carmichael mine filling that gap was critical to Adani’s refinancing bid on the port.This week, Westpac joined another of the port’s original financiers, Deutsche Bank, in appearing to rule out refinancing because of a new climate policy mandating investments only in existing coal basins.Adani is also yet to register an Indigenous land use agreement with the mine site’s traditional owners amid continuing legal challenges from within the group.An Adani spokesman did not return calls on Friday.More: Adani says it will break ground on Carmichael rail link ‘within days’last_img