Adani's Carmichael mine receives $1B boost & will create 10,000 jobs

Posted: 19th Nov

Adani has signed a deal which will see the State Bank of India extend a $1 billion credit facility to help build Carmichael mine in the Galilee Basin.

The memorandum of understanding is subject to the detailed assessment of the company’s mine project and came on the same day the Queensland government also pledged to invest in the mine.

“The MOU with SBI is a significant milestone in the development of our Carmichael mine. It is a unique asset that lies at the heart of our investment in Queensland and Australia, and aligns perfectly with our clear vision for delivering energy security in the Indian market”, Adani Group chairman and founder, Gautam Adani said.

The Carmichael project holds more than 11 billion tonnes of thermal coal and the company said first production is slated for 2017.

Adani Mining chief executive Jeyakumar Janakaraj said the project will create 10,000 jobs and hand $22 billion to the state government in taxes and royalties.

The mine, which was approved in July, will produce 60 million tonnes a year for 60 years.

18 November, 2014 - Vicky Validakis - Australian Mining