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Don't worry CQ: Adani confirms it's pushing ahead with plans

Premier Annastacia Palaszczuk and Adani's chief executive Jeyakumar Janakaraj.
Premier Annastacia Palaszczuk and Adani's chief executive Jeyakumar Janakaraj. Chris Lees

DESPITE a cloud hanging over the Adani Carmichael coal mine's finances, the company has confirmed it is resolutely pushing ahead with its plans.

The Morning Bulletin understands Adani has nearly 400 people employed working on the rail line, doing cultural heritage work, refurbishment and construction at the mining camp with work still due to start on the mine site in the first half of the calendar year.

Although some quarters of the media were reporting that Adani's deadline to obtain finance was in December, this situation has been clarified to mean the end of the Indian financial year, which falls at the end of March 2018.

Newscorp's John McCarthy said Adani had shown its ability to raise funds by this week refinancing hundreds of millions of dollars in debt for the Abbott Point coal port, which showed investor faith in the port's viability.

"It does have its traditional banking sources in India, but they already have a high level of Adani debt on their books,” Mr McCarthy said.

"It can also sell a stake in its project and there have been rumours of international investment funds willing to take up that option.

"It can sell its Abbott Point coal port, which could raise more than the $2 billion it paid for it.”

Mr McCarthy said Adani also had the option of cutting about $2 billion from its cost base and letting Aurizon build its alternative rail line from the Galilee Basin mine site to the Abbot Point port.

"It is still in the mix for Northern Australia Infrastructure Facility funds, but Adani looks on their plan negatively and its own rail project is seen as vital to its goals,” he said.

Queensland Resources Council boss Ian Macfarlane said he was still confident that Adani would get across the line.

"The critical mass of Adani will allow them to still succeed,” Mr Macfarlane said.

"The crazy thing is, if they don't get the coal from Australia they will get it from somewhere else and it will be dirtier.”

Earlier this year, Adani chief executive Jeyakumar Janakaraj had a defiant message for critics of Adani's Carmichael coal mine.

"If someone thinks they can stop us, let them see our track record.”

Topics:  abbott point coal port adani adani carmichael coal mine galilee basin mine site ian macfarlane john mccarthy northern australia infrastructure facility tmbpolitics



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