Societe Generale pulls out of long-delayed Queensland project

Melbourne

SOCIETE Generale has suspended its involvement in financing a US$10 billion coal mine, rail and port project being developed by India's GVK conglomerate and Australian billionaire Gina Rinehart, citing the project's years-long delay.

The French bank's decision is the latest twist for a project originally scheduled to produce coal from 2014, but which has suffered challenges from landowners and green groups, and been complicated by coal prices falling to more than five-year lows.