Adani says rail money secured
Adani appears close to locking in finance for a key part of its $16.5 billion Queensland coal mine.
Karan Adani, the son of company owner Gautam Adani, has told an Indian broadcaster; “We have closed the financing of the mine, the port is already operational and now we are just closing the financing of the rail”.
“I think that project is about $US1 billion ($A1.35 billion),” he said, according to News Corp.
Karan Adani reportedly said “all the government approvals for everything” have been secured.
If true, it would be a surprising breakthrough for the company, which has failed to secure funding from Australia’s big four banks and other major lenders.
Government funding was closed off after Queensland Premier Annastacia Palaszczuk vetoed a billion dollar federal government loan to Adani for the rail line.
In regard to approvals, the Queensland government is waiting on to Adani find the source of a key local groundwater supply before it signs off on the mine’s water management plan.
Queensland has imposed more than 240 conditions on the Carmichael coal mine project, 132 of which relate to water conditions.
Adani's Australian business arm reportedly told News Corp that the work to secure financing for the project is “progressing well”.