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China's top two banks refuse to fund Adani's $12.5-bn Carmichael coal mine

Carmichael has been delayed by court challenges from environmentalists and indigenous groups

Reuters  |  Sydney 

China's two biggest banks said they do not plan to finance a controversial Australian coal mine, in the latest blow to Indian conglomerate Adani Enterprises' long delayed project. Industrial and Commercial Bank of China (ICBC) and China Construction Bank said in separate statements they were not working on the project, after media recently reported that Chinese banks may get involved. Adani is seeking A$2 billion ($1.5 billion) in financing by March 2018 for the A$4 billion first stage of its proposed Carmichael coal mine in the state of Queensland, a project that has ...

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First Published: Mon, December 04 2017. 11:36 IST
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