Billionaire’s Mega-Mine Misses Coal Deadline on Funding Headache
- First coal supply from Carmichael mine now planned by 2021
- Indian firm plans to supply coal to China, Vietnam and Taiwan
Photographer: Tomohiro Ohsumi/bloomberg
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Indian conglomerate Adani Enterprises Ltd. will miss its original deadline to start shipping thermal coal from one of the world’s biggest planned mines due to funding difficulties, even as it eyes export deals with Asian companies.
The billionaire Gautam Adani-backed company has abandoned a 2020 target date to begin mining coal from the Carmichael project in Australia’s northeastern state of Queensland after failing to obtain up to A$3 billion ($2.3 billion) of funds from lenders by a March deadline, according to a person with knowledge of the matter. The company now expects first production to be delayed by up to a year, said the person, who asked not to be identified because the details are private.