|Adani’s Carmichael mine and rail project will be 100% financed through the Adani Group’s resources, Adani Mining CEO Lucas Dow has announced.
Mr Dow said construction and operation of the mine will now begin.
“Our work in recent months has culminated in Adani Group’s approval of the revised project plan that de-risks the initial stage of the Carmichael mine and rail project by adopting a narrow gauge rail solution combined with a reduced ramp up volume for the mine,” Mr Dow said.
“This means we’ve minimized our execution risk and initial capital outlay. The sharpening of the mine plan has kept operating costs to a minimum and ensures the project remains within the first quartile of the global cost curve.
All coal produced in the initial ramp up phase will be consumed by the Adani Group’s captive requirements.
“We will now begin developing a smaller open cut mine comparable to many other Queensland coal mines and will ramp up production over time to 27.5mtpa,” Mr Dow said.
“The construction for the shorter narrow gauge rail line will also begin to match the production schedule.
“We have already invested $3.3 billion in Adani’s Australian businesses, which is a clear demonstration of our capacity to deliver a financing solution for the revised scope of the mine and rail project.
“The project stacks up both environmentally and financially. We will now deliver the jobs and business opportunities we have promised for North Queensland and Central Queensland, all without requiring a cent of Australian taxpayer dollars.
“In addition to providing these jobs in regional Queensland, our Carmichael coal will also provide a power source to improve living standards in developing countries.”
The Carmichael Project will deliver more than 1500 direct jobs on the mine and rail projects during the initial ramp-up and construction phase and will support thousands more indirect jobs, all of which will benefit regional Queensland communities.
Preparatory works at the mine site are imminent and Adani Mining is working with regulators to finalise the remaining required management plans ahead of coal production, some of which have been subject to two years of state and federal government review.
This process is expected to be complete and provided by Government in the coming weeks.
“We’re ready to start mining and deliver on our promises to Queensland.”
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