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Adani Enterprises wins the green light for a long-delayed Australian coal mine

Adani said it is ready to start construction within days of receiving the permit for his Carmichael mine, which would produce 8-10 million tonnes of thermal coal per year and cost up to $ 1.5 billion.

Reuters

updated:June 13, 2019, 10:11 AM IST

Adani Enterprises wins the green light for a long-delayed Australian coal mine
Adani Group chairman Gautam Adani. (Image: Reuters)

Melbourne: India's Adani Enterprises was given the go-ahead for the construction of a controversial coal mine in the outback of Australia on Thursday, after a state government approved a definitive groundwater management permit.

Queensland's Department of Environment and Science said in a statement that it had approved Adani's groundwater-dependent ecosystem management plan following a rigorous assessment based on the best available science & # 39 ;.

Adani said it is ready to start building "within a few days" after receiving the permit for his Carmichael mine, which would produce 8-10 million tons of thermal coal per year, and would produce up to $ 1.5 billion cost.

The mine was a light bar for concerns about climate change in Australia and was seen as a factor in the unexpected return of the conservative liberal / national coalition to power during a national election in May.

The approval paves the way for half a dozen new thermal coal mines to come on line in Australia by opening Queensland & # 39; s remote Galilee basin with rail infrastructure to the coast 320 km (200 miles) away at Abbot Point.

Holders of other coal deposits in the basin are some of Australia's richest iron ore magnates, such as Gina Rinehart, who has a joint venture with the Indian GVK group and controversial politician Clive Palmer.

The approval comes because other developed countries are implementing strategies to meet Paris emission targets, and because many banks and insurers are reducing exposure to coal, and in particular new thermal coal mines.

Thermal coal is mainly used for energy generation and is increasingly being replaced by renewable energy sources.

Australian federal and state governments have repeatedly said that the mine must stand on its own merits, and a recent fall in the price of low-grade thermal coal has cast doubt on whether the mine can prove economically.

Adani scaled back its initial plans for a 60 million-tonne mine a year last year and said it would finance the project itself, supported by clear buyers in its own Indian power plants and its trading activities.

. (tagsToTranslate) Adani (t) australia (t) melbourne (t) paris agreement (t) Queensland

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