ADANI is scouting the world looking for coal as its Carmichael megamine in Central Queensland remains without financing and facing a growing tide of environmental and political opposition.
Tensions between the State Government and the industry are also increasing after the rejection this week of environmental approval for the Acland coal mine expansion.
The decision has cost the company $158million so far as investors have sold off the stock in the past two days. Adani said yesterday the search was not for a replacement for the Carmichael, which would become one of the world’s biggest coal mines if it ever reached the original proposal.
But it did confirm it was looking to buy mines in countries such as Indonesia, where it already owns and operates a mine that supplies coal to Indian power stations. The Indonesian coal is considered to be dirtier than Australia’s coal.
The chief operating officer of Adani’s coal trading business, Rajendra Singh, told Reuters that Asian countries were increasing demand for coal in Bangladesh and Pakistan.
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