Queensland clears Adani Group’s coal mining project

Australia’s Queensland state has cleared Adani group’s proposed plan to build a 7 billion dollar Carmichael coal mine. Queensland State has also announced a major investment in rail infrastructure to support the Indian conglomerate’s mega project.
This announcement comes after State Bank of India (SBI) approved US $ 1 billion loan for Adani Mining to develop Carmichael coal mine project near Clermont in Central Queensland, Australia. Adani Group has signed memorandum of understanding (MoU) with SBI in the third week of November 2014 for clearing this loan.
About Adani group’s Project
Adani group’s Carmichael coal, railway and port project includes building Australia’s largest thermal coal mine in the north Galilee Basin. It is approximately 160km north-west of Clermont in Central Queensland and will be linked by a new 388 km standard gauge rail line to a new terminal at Abbot Point Port near Bowen.
This project will be implemented by Adani Mining -subsidiary of the Adani Group in Australia. The CEO and Australia head is Jeyakumar Janakaraj. The company aims to build the project by end of the year 2017 and the produced coal from the region will be sent 400 km by rail to Australia’s east coast. This project, which is evincing interest from private and public financiers in India and abroad, will deliver 10,000 jobs and 22 billion dollars in taxes and royalties to Queensland. In addition it will help Adani group to deliver cost-efficient power in the Indian market.

Month: Current Affairs - November, 2014