Queensland’s government has approved a 300km rail line to be built by Indian mining giant Adani and the government signed a deal to help fund the railway.
The line will link the enormous Carmichael Galilee Basin mine to the Abbot Point terminal. The massive mine will be the largest in Queensland, which is Australia’s biggest coal-producing state, exporting almost half the country’s total last year.
Deputy Premier Jeff Seeney is keeping financial details secret for now, but says the state will stump up a significant amount.
“I have to approach this task in a very professional commercial way, I’m not my hand before we get into those commercial negotiations,” he told reporters. He said the one of the key provisions of the deal was that Adani would have to share the railway with other miners in the Galilee Basin.
Adani Australia CEO Jeyakumar Janakaraj said the deal would give confidence to investors.
The company signed a memorandum of understanding with the Bank of India to create $1 billion credit facility to develop the Carmichael project.
Source: theaustralian.com.au
Share on:
