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Adani May Sell Stake in Carmichael Coal Mine Amid Funding Delay

  • Indian company to miss March deadline for financing package
  • Will consider selling stake in project as part of strategy
Coal is stockpiled in preparation for loading onto ships for export at the Newcastle Coal Terminal in Newcastle, north of Sydney, Australia, on Wednesday, Sept. 8, 2010. BHP Billiton Ltd. and Rio Tinto Group declined in Sydney trading after Australian Treasurer Wayne Swan signaled the final terms of the government's planned mining tax may depend on talks with independent lawmakers.
Photographer: Ian Waldie/Bloomberg

The battle to build one of the world’s biggest coal mines has suffered a fresh setback after Adani Enterprises Ltd. conceded it would fail to meet a March deadline to arrange A$3 billion ($2.3 billion) in financing for the project.

The December decision by the Queensland government to veto Adani’s A$900 million funding bid for a rail line meant financing would require more time to be secured, an Adani Australia spokeswoman said by phone Thursday. The Indian conglomerate said it will also consider selling a minority stake in its Carmichael project without providing further details.