x
Breaking News
0

Australia in final stages of mulling loan for India's Adani

Stock MarketsJul 14, 2017 10:40
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Australia in final stages of mulling loan for India's Adani

By Tom Westbrook

SYDNEY, July 14 (Reuters) - Adani (NS:APSE) Enterprises' ADEL.NS $4 billion Carmichael coal mine in Australia's north is one of five projects that have been shortlisted for potential government funding, a source with direct knowledge of the matter said on Friday.

Adani's proposed Carmichael mine in Queensland state has faced years of delays amid opposition from environment groups who argue it will contribute to global warming and damage the Great Barrier Reef, leading some banks to rule out any role in funding. Northern Australia Infrastructure Facility (NAIF), a federal agency, said on Friday that it has selected five projects out of 124 loan applications for due diligence. It did not name the projects and declined to provide further detail.

However, a source with direct knowledge of the matter, who was not authorised to speak publicly, told Reuters that Carmichael was one of those five.

An Adani spokesman in India did not immediately respond to a request for comment.

Adani is hoping to receive a concessional loan of around A$900 million ($700 million) from NAIF to help build a 380 km (236 mile) rail link into its controversial Carmichael project located in the remote Galilee Basin.

The 247,000 square-km (95,000 square mile) expanse in the central outback is touted as having the potential to become Australia's largest coal-producing region.

Adani, a business group with interests in power and ports, has said the project would not threaten the reef.

Of the $4 billion required for the first phase, Adani will have to raise about $2.5 billion in debt, the company said in March, adding it had already invested $3.3 billion in the project. from a presentation made by NAIF chief executive Laurie Walker in Brisbane on Thursday show due diligence is the penultimate stage of the body assessing a loan proposal.

Sydney-listed Genex Power Ltd GNX.AX said in a statement to the Australian stock exchange on Thursday that its solar and pumped hydro project in North Queensland was also in the due diligence phase.

NAIF said the five projects in due diligence were among 50 loan applications that remain under active consideration from the total 124.

($1 = 1.2922 Australian dollars)

Australia in final stages of mulling loan for India's Adani
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Please wait a minute before you try to comment again.
 
 
 
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Add Chart to Comment
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email