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Adani’s Australia coal mine hit by another setback

Coal News - Published on Thu, 08 Nov 2018

Image Source: The Wire
The Wire reported that another set of potential financiers have closed their doors on the Adani Group’s proposed controversial Carmichael coal mine project in Australia after representatives of the Wangan and Jagalingou (W&J) people – who are traditional owners of the land on which the mine is proposed to be built - wrote to banks in South Korea to express their reservations about the mine. Three top infrastructure project lenders in South Korea have responded to the W&J representatives’ email and clarified that they have ruled out the possibility of providing financial assistance to the Adani Group for the project. The Korea Development Bank, the Export-Import Bank of Korea and the KDB Infrastructure Investment Asset Management Company have all confirmed that they will not be funding the USD 2 billion project.

The Korea Development Bank, a wholly state-owned bank in South Korea, stated in the email that they had reviewed the project “upon a Korean client’s request in 2014”. “However, we are no longer reviewing it. We wish to express that we have no intent to provide finance for the project,” the bank said in its email to the W&J representatives.

The Export-Import Bank of Korea said that it is not considering any financial support to the Carmichael project “since, as far as we know, there are not any Korean interests any more in the project”.

Source :

Posted By : Rabi Wangkhem on Thu, 08 Nov 2018
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