Mumbai: Indian conglomerate Adani Group said it’s ready to begin the first coal exports from the controversial Carmichael mine in Australia’s Galilee Basin, more than a decade after the group took over the project.
“The first shipment of high-quality coal from the Carmichael mine is being assembled at the North Queensland export terminal in Bowen,” the group run by Indian billionaire Gautam Adani said in a statement.
The group said it has secured the market for the 10 million tons per annum of coal that will be produced at the Carmichael mine.
The project, proposed in 2010, has become a global emblem for opposition to fossil fuels. It has been impeded by legal challenges and a sustained campaign by climate activists, which has gained strength amid a global retreat from coal. Lenders have backed away from the mine, forcing the company to self-finance it and reduce the size to a sixth of its potential.
One of the biggest markets Adani is counting on is India, where the dirtiest fossil fuel is expected to dominate the energy mix for several years. Coal currently accounts for nearly 70% of India’s power generation, although the country is aiming to gradually reduce that dependence as it builds more renewable energy capacity. – Bloomberg
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