Adani to decide on Carmichael mine project in May after Senate skips vote

Adani has said its project is targeting annual output of 25 million tonnes in the first phase

Image
Reuters Sydney
Last Updated : May 11 2017 | 4:03 PM IST
Adani Group still expects to make a final investment decision this month on its Carmichael coal mine even after the Australian Senate left for a break without voting on new land title laws, a company spokesman said on Thursday.

The Senate ended its current session without voting on changes aimed at resolving legal uncertainties around more than 120 indigenous land use agreements relating to major projects like Adani's proposed $16 billion Carmichael mine in the northern state of Queensland.

The senate does not return until June, after Adani's self-imposed deadline of the end of May. Australian Minister for Resources Matt Canavan said on cable TV channel Sky News that he was "concerned that this puts a question mark on the project".

But the Adani spokesman said the company would make its decision in May regardless, after getting reassurances that the opposition Labor Party would support the ruling coalition of the Liberal Party and the National Party to support the changes.

"There may be some minor delays in some minor works, but ... we're still working towards a final investment decision by the board. They can take comfort from the fact that we've got a bipartisan approach to the amendments."

Adani has said its Carmichael project is targeting annual output of 25 million tonnes in the first phase.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: May 11 2017 | 3:40 PM IST

Next Story