Adani Group gives final investment approval for Carmichael mine project, Queensland
Adani Group has given final investment approval for its controversy-hit $4bn Carmichael mine and rail project in Queensland, Australia.
Adani Group chairman Gautam Adani was quoted by Reuters as saying: "The project has final investment decision approval, which marks the official start of one of the largest single infrastructure and job-creating developments in Australia's recent history."
According to the group, this project is expected to create 10,000 direct and indirect jobs.
Pre-construction works will begin in the next few months. Coal sourced from the Carmichael mine will be exported to India.
The project has faced stiff opposition from environmental groups, who claim that it will damage the Great Barrier Reef.
Adani Group’s Australian unit Adani Mining has to now secure a loan of $900m to develop railway line, which will aid other miners in the remote Galilee Basin.
Spread over 247,000km², the basin could become one of the largest coal-producing regions in the country.
Adani added: "We have been challenged by activists in the courts, in inner city streets, and even outside banks that have not even been approached to finance the project."
This is claimed to be the largest investment made by an Indian company in Australia so far.
Queensland Premier Annastacia Palaszczuk said that the final investment decision "is a vote of confidence not just in the Queensland economy, but in Queensland people".