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China's biggest bank says does not intend financing Adani's Carmichael coal mine

Reuters  |  SYDNEY 

SYDNEY (Reuters) - Industrial and Commercial Bank of China (ICBC) said on Sunday it has no intention of financing a controversial A$16.5 billion ($12.5 billion) Australian coal mine being built by Indian conglomerate Adani Enterprises. Adani is seeking A$2 billion in outside financing for the first stage of its proposed Carmichael coal mine in the state of Queensland.However, Australian and overseas banks have balked at granting loans for the project, which environmentalists oppose because of concern over the size of the mine and the potential for damage to the Great Barrier Reef. "ICBC has ...

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First Published: Mon, December 04 2017. 08:29 IST