Massive Adani coal mine halted indefinitely due to poor coal market
Adani puts Galilee coal mine on hold pending recovery in coal price, REneweconomy, By Giles Parkinson on 4 February 2016 The Indian mining and energy giant Adani Enterprises appears to have put development of its massive and controversial $16 billion Carmichael coal mine in the Galilee Basin on hold – until coal prices show signs of a solid rebound. Which could be never.
A report from brooking house Axis Capital in India this week quotes Adani management as saying that no capital expenditure is planned by the company for the project until there is “visibility” of a rebound in the coal price.
Given that international coal prices are at record lows, and most analysts predict further falls as the commodity faces increased competition from renewables, and major economies turn away from coal due to environmental and climate impacts, it suggests that Adani accepts that the Galilee Basin may not get developed……http://reneweconomy.com.au/2016/adani-puts-galilee-coal-mine-on-hold-pending-recovery-in-coal-price-67892
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