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Three Banks refuse to fund Adani coal project - Report

Coal News - Published on Thu, 07 Dec 2017

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Bloomberg Quint reported that in the latest blow to the Adani Enterprises Ltd, at least three banks have ruled out funding the conglomerate’s long-delayed Carmichael coal mining project in Australia.

Bank of China and Investec Bank released separate statements saying that they do not intend to fund the already controversial mining project. The Industrial & Commercial Bank of China had released a similar statement on Sunday. Besides, China Construction Bank also ruled out funding Adani’s plans to build Australia’s largest coal mine, The Guardian reported on Monday, citing a statement issued by the lender’s public relations firm.

In June, the Adani group said it plans to raise USD 2.5 billion for the Carmichael project. Of the total amount, the firm intended to raise at least USD 500 million through a bond issue, Bloomberg said in a report.

Investec Bank was one of the joint lead managers for the bond offering for the Adani-operated Abbot Point Terminal last month. A Sydney-based external spokesman for the bank told Bloomberg in an e-mailed statement that “Investec will not be involved in any potential lending for Adani’s Carmichael coal mine in Queensland state.”

The mining giant’s Australia project has been plagued by environmental and regulatory concerns and became a defining issue in recent elections in Queensland state. The Australian Labor Party, which argued against the development of the coal mine citing its effect on the environment and the Great Barrier Reef, is set to win the elections leaving the project’s future uncertain. The party has also vowed to reject AUD 900 million in federal funding to build a new rail link needed to carry coal to the coasts for export.

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Posted By : Nanda Koijam on Thu, 07 Dec 2017
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