Adani gets backing for US$7b Aussie coal mine

Melbourne

ADANI Enterprises won support on Monday from an Indian government-owned bank and an Australian state to help it build a US$7 billion coal mine, defying a slump in coal prices to 5½-year lows that has stalled rival projects.

The trading and infrastructure conglomerate signed a memorandum of understanding (MOU) for a loan of up to US$1 billion from the State Bank of India for the mine, rail and port project in Queensland, which it aims to build by end-2017. "The MOU with SBI is a significant milestone in the development of our Carmichael mine," Adani group chairman and founder, Gautam Adani, who has close ties with Prime Minister Narendra Modi, said in a statement.