(Bloomberg) — Australian mining legend Lang Hancock’s dream four decades ago of exporting coal from the country’s remote Galilee Basin is becoming a nightmare for two Indian conglomerates.
Adani Group bought into the Queensland basin in 2010, followed a year later by GVK Group, with plans to ship thermal coal by the middle of the decade. Deals to build ports and rails signaled early promise, but the projects became embroiled in legal challenges and financing setbacks.
Adani now sees first exports from its massive Carmichael mine around 2020, six years behind schedule, as it struggles to shore up financing, with the federal government making clear Wednesday it won’t help with investments or loans. Continue Reading →