Business

Abbott frustrated over reversal of Adani mine project

7 Aug 2015 | By Siripriya

Tony Abbott, the Australian Prime Minister expressed his frustration over Adani's coal mine project being overturned.

Abbott said that the creation of Adani's coal mine in Central Queensland would have created numerous jobs and pumped investments in the area.

Abbott also strongly felt that huge projects like this should not be reversed due to Governmental red-tapism.

In context: An overview of Adani's venture in Australia

1988Adani Group: An introduction

Adani Group is a conglomerate based out of India which is headquartered in Ahmedabad. The multinational company is currently headed by Gautam Adani.

The group began as a commodity trading firm in 1988 and gradually spread out to a multi-business domain.

The group has a variety of diversified business which includes logistics, energy and agribusiness. Also, the group is the nation's largest port developer.

2010Adani Group ventures to Australia

The Adani Group purchased the Greenfield Carmichael Coal Mine in Central Queensland and another in Port of Abbot Point in Northern Queensland.

They proposed to set up an extraction mine in Central Queensland; the coal would then be transported to Abbot Point by rail.

This new coal mine was also expected to serve the export market and cater to wider market demands.

Australian Government gives a nod to the project

28 Jul 2014Australian Government gives a nod to the project

Adani Group secured a agreement from the Australian Government to construct a coal mine in Queensland. This $15.5 billion deal was approved by the Environment Minister, Greg Hunt.

Adani Group planned to produce over 60 million tons of output by the end of 2023.

In addition, the mine was also said to have attracted investors from India, Japan and China for coal supplies.

14 Jan 2015Conservation groups plead for overturning the project

The proposed coal mine project drew heavy concerns over deterioration of environmental conditions.

Conservation groups argued that emission of green house gases from coal mines would impact the Great Barrier Reef.

Mackay Conservation Group lodged a case through NSW Environmental Defenders Office, over this issue. The Federal court was asked to review the decision and eventually overturn the project.

Adani faces financial constraint

BNP Paribas, Credit Agricole and Societe General, turned down the proposal to fund this project. Over 11 other international banks like HSBC, Barclays etc. too turned down the funding due to environmental concerns.

5 Aug 2015Federal Court overturns Adani's project

The Australian Federal Court overturned Adani's proposed coal mine in Queensland.

This initiation of the mine project would have impacted two endangered species in the area, namely the Yakka Skink and the Ornamental Snake.

With the project being overturned, Adani lost the legal authority to construct on the area. Adani had still not secured monetary backing for the Carmichael Project.

7 Aug 2015Abbott frustrated over reversal of Adani mine project

23 Dec 2015Aus approves Abbot Point coal terminal expansion

The Australian government has approved the expansion of Adani's controversial Abbot Point coal terminal in Queensland which will see 1.1 million cubic metres of material dredged near the Great Barrier Reef.

The approval will enable shipping fuel from mines in the Galilee Basin, including the Adani Group's Carmichael mine.

The approval, granted by Environment Minister Greg Hunt, will expire on 31 January 2031.

2 Feb 2016Queensland issues environmental clearance for Carmichael mine

The Queensland government's Department of Environment and Heritage issued environmental clearances for Adani's coal mining project in the Carmichael mines.

Adani has yet to obtain bank funding to begin its $16 billion mine, road and rail project.

​Adani must now convince the Queensland government that it has obtained "financial closure" to be allowed to begin dredging to expand the Abbot Point export facility.

11 Feb 2016Power Min raises Adani issue at Aus-India dialogue

Power Minister Piyush Goyal brought up the issue of the Adani coal mines with Australia's Minister for Resources and Energy Josh Frydenberg during the Australia-India Energy Dialogue.

Frydenberg stated that the Adani project was "important to our (Australia-India) relationship and we're looking forward to it going ahead."

The project which received environmental clearances now only needs to secure mining permits to commence operations.

3 Apr 2016Australia approves Adani's mining leases

The Australian government granted three mining leases for the 70441 Carmichael, 70505 Carmichael East and 70506 Carmichael North coal projects operated by India's Adani group.

According to Queensland state Premier Annastacia Palaszczuk, the approval had undergone "extensive government and community scrutiny."

The project now has 19 permits and approvals at all three levels of government, including 9 primary approvals by state and federal authorities.

4 Jun 2016Adani may withdraw from Aus coal mine project

Citing long delays caused by legal challenges to the project by environmental activists, the Adani Group may abandon the Carmichael coal mine project in Australia.

Chairman Gautam Adani said "You can't continue just holding. I have been really disappointed that things have got too delayed."

After getting state government approval for the mine, environmentalists convinced Australia's Supreme Court to review the approval and clearances.

22 Nov 2016SBI to give $1 billion loan to Adani Mining

Sources revealed that SBI has agreed to give Adani Mining, a loan of $1 billion for their mining project in Queensland, Australia.

SBI signed an MoU with Adani Mining after a detailed analysis of the project; SBI, Adani Enterprises shares went up 5.44%, 1.44% each after the announcement.

Gautam Adani said "The MoU is a significant milestone in the development of our Carmichael mine."