Australia’s most controversial mine nabs its first order for coal cargo
Category: #business  By Pankaj Singh  Date: 2021-12-28
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Australia’s most controversial mine nabs its first order for coal cargo

Gautam Adani, Chairman of India’s Adani Group, has recently announced that their company will initiate first shipment of coal cargo from its controversial mine in Australia after ending constant scrutiny led by climate activists with a seven-year campaign.

With this move, the group has outright defied global plan for reducing the production as well as consumption of fossil fuel.

Australia’s controversial mine, dubbed as Carmichael mine housed in the outback Queensland State, could potentially be the country’s last newly built thermal coal mine, emerging as a crucial source of supply for Indian importers including power plants.

According to representator of Adani’s Australian unit Bravus Mining & Resources, first shipment from Carmichael mine comprising of high-quality coal is taken to Bowen’s North Queensland Export terminal for assembly and export.

While the statement does not include further details regarding the destination of shipment, it cited that the group has already secured deals for supplying 10 million tonnes of coal per annum, which will be produced at the Carmichael Mine.

Earlier, back in 2010, when Adani bought the project, the idea was to build a 60-million-tonne-a-year mine, supported by a 250-mile rail line with a cost of $11 billion (A$16 billion).

The above-mentioned was among several other projects that were planned to tap into the then unexplored Galilee Basin.

However, it constricted its ambitious plans in 2018, limiting to 10 million tonnes a year after a campaign called “Stop Adani” led by the green groups demotivated majority of insurers, lenders and large engineering firms.

Lucas Dow, Adani’s Australian CEO, stated that modifying the plan has allowed them to cut down on operation costs whilst ensuring the projects continue within first quartile of the global cost curve.

Apparently, the project’s estimated value is $1.5 billion (A$2 billion), while the company continues with non-disclosure on the cost associated with the smaller mine along with a 200km rail line built in extension to an existing railway.

Source Credits: https://www.ndtv.com/business/adani-group-to-ship-first-coal-cargo-from-controversial-australia-mine-2673328

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About Author

Pankaj Singh    

Pankaj Singh

With an experience as an insurance underwriter and a freelance writer under his belt, Pankaj Singh boasts of quite some expertise in the field of content creation. A qualified Post Graduate in Management, Pankaj has also completed a detailed course in Digital Marketin...

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