Adani may withdraw Australian coal mine project : report


Mumbai: Adani Enterprise is likely to withdraw its proposal to build the $10-billion Carmichael coal mine project in Australia. This is due to the delay that the company is facing caused by multiple legal challenges by various environmental groups, the company's Chairman Gautam Adani said on Saturday. Adani expressed his disappointment to the media as the project got delayed beyond its schedule.

The Australian on Saturday reported that the company's founder and chairman, Gautam Adani, had told the newspaper that the he was disappointed the “pit to plug’’ project had yet to receive the green light after six years of environmental assessments and court battles. In his first interview with the Australian media, Adani hoped the court challenges to Australia’s largest proposed coalmine would be finalised early next year. “You can’t continue just holding. I have been really disappointed that things have got too delayed,’’ billionaire Adani told The Australian.

Australia's Queensland government had given permission for coal mining which is estimated at 11 billion tonnes. Approval was given to build roads, power lines and pipelines along with the mine. But this wasn't approved by the environmentalists who were fighting against the Govt's approval. According to them, there could be potential loss to the environment due to dredging, shipping and other climate changes stoked by coal mining.

Groups of environmentalists had asked the Supreme Court of Queensland to review the government's environmental clearance given to the mine. So intense was the lobbying by the environmentalist groups that appeals were sent to banks not to offer loans to the project. Business analysts predict that lenders too may not back this mega coal mine project due to nine-year low coal prices and uncertain demand gro