Adani reaches crunch time over its $16.5b Carmichael mine – by Mark Ludlow (Australian Financial Review – February 21, 2018)

After eight years of delays and uncertainty, Indian energy giant Adani is approaching crunch time on its controversial $16.5 billion Carmichael coal mine in central Queensland.

Adani Australia’s chief executive Jeyakumar Janakaraj – known in the industry as “JJ” – late last year set a March 31 deadline for the company to find the remaining funds for the $6.7 billion first stage of the mega-mine, which would be the largest open-cut coal mine in Australia.

The March deadline looks like it will not be met as the company scrambles to convince banks to help fill a funding shortfall to get the project over the line. Either way time is running out for the Indian energy giant as the political environment turns against the project.

Since Janakaraj announced the March deadline – to coincide with the end of the Indian financial year – the company has been hit with a number of setbacks on the project, which has stubbornly remained at the centre of the national spotlight.

Adani’s Carmichael mine remains public enemy No.1 for environmental groups who are using the “Battle for the Galilee” as their strategy to end any new coal mines in Australia, while federal Labor has hardened its position on the project to secure Greens preferences in the Batman by-election, and with an eye to the next federal poll expected later this year.

For the rest of this article: