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Adani seeks $1.54 bn from Chinese firm for funding Australia coal project

Adani hopes to start shipping coal from Carmichael under the first stage of the project by March 2020

Reuters  |  Sydney 

Indian conglomerate Adani Enterprises is in talks with China Machinery Engineering Corp (CMEC) for the financing of a controversial coal mine project in Australia, two sources with knowledge of the situation said on Thursday. Adani is seeking A$2 billion ($1.54 billion) in outside financing for its proposed A$4 billion Carmichael coal mine in the state of Queensland. However, Australian and overseas banks have baulked at granting loans for the project which environmentalists oppose because of concerns over the size of the mine and the potential for damage to the Great Barrier ...

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First Published: Fri, November 03 2017. 08:51 IST
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