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India's Adani gives final approval for $4 billion Australia coal mine

India's Adani gives final approval for $4 billion Australia coal mine India's Adani gives final approval for $4 billion Australia coal mine
Christy Curtis | 07 June, 2017, 04:32

Shares of Adani Enterprises on Tuesday closed up 8.63% after the Adani Group gave the final investment approval for its Carmichael coal mine project in Australia.

After more than seven years being held up in the courts and awaiting state and federal approvals, Adani chairman Gautum Adani said the board had made the final investment decision had been made. Queensland Premier Annastacia Palaszczuk was thrilled by Adani's announcement.

The company has said it plans to mine 2.3 billion tonnes of coal over the mine's 60 year lifespan.

The government has also signaled its support for a loan of nearly A$1 billion to help Adani finance a railway from the mine in the untapped Galilee Basin to its deep water port at Abbot Point, a distance of around 250 miles.

Medical leaders have slammed the Federal Government's support of the controversial Adani Carmichael mine project, comparing it to aiding and abetting big tobacco.

Pre-construction work is expected to begin later this year, he added.

The group was protesting the expansion of coal mines in Australia, said Uniting Church Minister Rex Graham, according to news.com.au. It followed a mining royalties deal struck between Adani and the Queensland state government last week.

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Julien Vincent, Executive Director of environmental finance group, Market Forces, also said it would be an uphill slog for Adani to secure finance for what he called an "unviable project".

"We have all benefited as a country from the development of the Bowen Basin, the Hunter Valley and the enormous amount of exports it delivers and the opening up of the basin is the next part", Mr Canavan said at the opening of Adani's Townsville offices.

"I welcome the jobs but like all viable jobs the business should stand on its own without the commonwealth taxpayer taking the risk", he was quoted as saying by the local media.

The Carmichael mine has been slammed by environmentalists who say it will hurt Australia's Great Barrier Reef - a World Heritage-listed biodiversity site stretching along Australia's northeastern coast, which is already threatened by climate change.

"That does a lot more for the world, our globe, our environment, than anyone tweeting in air conditioned room in Sydney who might be opposed to it", he said.

"Three months ago, I led a delegation of regional Queensland mayors and travelled to India to seek the earliest possible investment decision and start for the project", Palaszczuk said.

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