(Reuters) – India’s Adani Group expects an over six-fold rise in coal mining volumes by the end of fiscal year 2021, an executive said on Tuesday, despite its struggle to develop a coal project in Australia.
The resources conglomerate is looking to buy mines in countries such as Indonesia and is securing financing for its Carmichael mine in Australia amid challenges from environmental groups concerned about climate change and potential damage to the Great Barrier Reef.
Adani’s coal mining volumes are expected to be 80 million tonnes by the end of March 2021, from 12.17 million tonnes at the end of fiscal year 2017, said Sudhir Kumar Agrawal, the techno-commercial head of Adani Ports And SEZ Ltd.
The group’s coal handling volumes are expected to rise 57 percent to 127 million tonnes by the end of 2021, Agrawal said at the India coal conference in New Delhi.
The Adani Group, which handles about a third of India’s imported coal and is India’s largest coal trader, expects a “reasonable rise in imports” till fiscal year 2021 due to “rail transportation challenges”.